20,000 Next Target For Nifty Bulls. What Traders Should Do On Wednesday 19 July 2023

WE ARE DOING OUR RESEARCH..STOCKS FOR TOMORROW WILL BE UPADTAED ANY MINUTE...STAY TUNNED

RESULT 19 JULY

Alok Industries Ltd  

Bank of Maharashtra           

Can Fin Homes Ltd  

Century Textiles & Industries Ltd  

Finolex Industries Ltd         

Hatsun Agro Product Ltd

Jubilant Pharmova Ltd        

L&T Finance Holdings Ltd

Mastek Ltd    

Tata Coffee Ltd         

Tata Communications Ltd

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On July 18, Indian equity markets continued their journey north for the fourth straight session, with the Sensex and Nifty surpassing 67000 and 19800 respectively, on the back of buying in the information technology, energy and capital goods sectors. At the close, the Sensex was up 205 points, to 66795 and the Nifty was up 37 points, to 19749. Amid mixed global signals, the market started the day strong with new record highs, but profit booking in the second half wiped out most of the intraday gains. Sensex and Nifty hit new record highs of 67007 and 19819 respectively. We expect the market's gradual uptrend to continue on the back of positive macro and micro factors. We recommend investors to look for a buy-on dips strategy as Q1 earnings season is expected to be positive. Globally, investors are expecting a busy earnings week, including quarterly results from some of the largest US banks. Today's (Tuesday) release of US Retail Sales and IIP data would be important from a Federal Reserve interest rate decision perspective. Currently, bulls are dominating the market and the index has hit all-time highs, indicating strong bullish momentum in the banking sector. The overall tone of the index remains bullish, suggesting that the trend is likely to continue. Traders and investors may consider a “buy on dip” approach, looking for opportunities to enter the market when the price falls. A key support level is observed at 45,000 which could serve as a significant support level for the banks index. Traders can use this level as a reference for setting their stop-loss levels or identifying potential buying opportunities. The next major hurdle for the index is 46,000. If the index manages to scale above this level, it could signal further bullish momentum towards . indicate target value of 46400.The Nifty saw continued buying interest and closed its third straight trading session in gains. It scored about 40 points. On the daily charts, we can observe that the Nifty is rising after breaking out of the 19500-19700 area. It is rising along the expanding upper Bollinger Band, suggesting that the positive momentum is likely to continue. However, considering that there can be a sharp rise when consolidating, the overall trend is positive and if there is a fall, it is worth going for. On the upside, the short-term target is 19900. In terms of levels, 19650-19600 will act as the crucial support zone, while 19850-19950 is expected to act as the immediate hurdle zone. Bank Nifty consolidated after a sharp rise in the previous session. This consolidation is a healthy sign and any dip should be used as a buying opportunity. The daily momentum indicator has a positive crossover and therefore every sip is a buying opportunity. On the other hand, we expect Bank to target Nifty levels of 46200 and 46600.

Resistance: 19800, 19900, 20000

Support: 19700, 19600, 19500