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Bulls bring nifty above 16500 mark on 20 July 2022. Nifty rose for a fourth consecutive month, helped by overnight gains in the US and the Indian government's cut of the windfall tax on fuels. Cleverly opened the gap and climbed inch by inch until 12:45 p.m. and later slipped. Finally, Nifty was up 180 points to 16520. Volumes on the NSE were the highest since June 17th. Mirroring sentiment in global equities, the market posted significant gains on strong buying in IT and select media and real estate stocks. Basically, the market is hoping that the US Federal Reserve will not hike rates aggressively at its next meeting, while falling commodity and crude oil prices have also moderated the bearish trend in recent meetings.
On the technical front, the Nifty has formed a small bearish candle near the key resistance level. Nifty broke out on Wednesday with an upward gap but closed near the daily lows, suggesting profit-taking on highs. While the volume expansion supports further upside, we have to see in the next 1-2 days whether or not the upside gap created by Nifty at 16350 will be closed. Nifty could now remain in the 16350-16650 range for the short term. With the markets temporarily in an overbought situation, we might see some profit booking at higher levels. For bulls, 16600 and 16700 would act as the immediate resistance zone. On the downside, 16400-16300 could be key support levels. Nifty found resistance at the higher levels as it hit the upper band of the daily chart's rising channel. In the short term, the index could consolidate until it breaks above 16700. On the downside, 16400-16300 could remain a crucial support. A buy on dips strategy is likely to work as long as the Nifty holds above 16350. The Bank Nifty index faces some higher level profit booking but remains in an uptrend with a buy-on-dip approach. The immediate hurdle to the upside is in the 36400-36600 range, which coincides with its 200-DMA. The index could consolidate in the 35400-36400 range with a positive bias as long as the mentioned support on the closing basis is held.
Resistance: 16600, 16700, 16800
Support: 16500, 16400, 16300
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