Nifty 50 Records A Winning Streak Of The Best F&O Streak In Over 6 Years

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Markets saw wild turmoil on expiry day as the announcement of another rate hike by the US Federal Reserve dampened sentiment and prompted investors to book gains in auto, banking and oil & gas stocks. However, after the recent correction, real estate and pharmaceutical stocks have been in the spotlight. Many investors are not comfortable with current valuations and are therefore returning their investment at every opportunity. Benchmark indices ended on a negative note on July 27 with Nifty at 19700. At close, the Sensex was down 440 points at 66266, and the Nifty was down 118 points at 19659. Technically, the Nifty has formed a lower top and a bearish candle on the daily charts, suggesting further correction from current levels. For traders now 19800 would be the key resistance zone and below that the corrective wave is likely to last until 19600-19500. On the other hand, the market could rise above 19800 to 19850-19900.

Resistance: 19850, 19900, 19950

Support: 19800, 19750, 19700