NIFTY OUTLOOK & OPTION TRADING TIPS FOR 26 JULY 2023

TO GET BUY/SELL OR CALL/PUT IN BELOW STOCKS PLEASE WHATSAPP US ON 9039542248

STOKS TO TRADE ON 26 JULY 2023

ABFRL ,ABCAPITAL, DEEPAKNTR ,ASIANPAINT ,HINDCOPPER, INDIGO ,GAIL ,IRCTC, JINDALSTEL, LT ,MANAPPURAM ,MOTHERSON ,MGL, NAVINFLOUR, GLENMARK, NATIONALUM ,NMDC ,ONGC ,REC ,SUNTV, TATASTEEL

RESULT TOMORROW 26 JULY 2023

Aditya Birla Sun Life AMC Ltd

Axis Bank Ltd

Bajaj Finance Ltd

Bharat Petroleum Corporation Ltd

Cipla Ltd

Colgate-Palmolive (India) Ltd

Deepak Fertilizers & Petrochemicals Corp Ltd

Dr Reddys Laboratories Ltd

FCL Ltd

Kajaria Ceramics Ltd

Praj Industries Ltd

Punjab National Bank

REC Ltd

Syngene International Ltd

Tata Consumer Products Ltd

Tech Mahindra Ltd

Benchmark stock indexes ended Tuesday's trading session marginally lower after consumer stocks slumped. The Sensex closed 29 points lower at 66355 while the NSE Nifty 50 closed 8 points higher at 19680. Broader market indices ended the session on positive notes. Among industry indices, Nifty Metal was the top performer, up nearly 3 percent, while Nifty Auto performed well after strong Q1 results. The rise in metal inventories comes after the world's largest producer and consumer of metals, China, announced plans to further support the economic recovery from the coronavirus crisis. The Nifty opened positive but failed to hold higher levels and came under selling pressure for the first half of the session. The Nifty found support at the 50% Fibonacci retracement level (19675) of the 19350-19950 surge and staged a bounce that helped the Nifty close slightly in the green. The correction that Nifty is undergoing is unlikely to result in a trend reversal and this interim pullback should be used as a buying opportunity. The primary trend is positive and as such we will remain optimistic in the short-term. In terms of levels, 19625-19550 is likely to act as a crucial support zone and on the upside; 19850-19800 is expected to act as an immediate hurdle zone. Bank Nifty closed down for the third day in a row today. Selling pressure emerged after a positive open, suggesting that it was unable to sustain higher levels. On the other hand, 45650-45475, the 38.2% and 50% Fibonacci retracement levels, are likely to act as strong support zones from a short-term perspective. Overall, the trend remains positive and once this consolidation is complete, we can expect Bank Nifty to continue on its uptrend. On the upside, the expected target is 46500.

Resistance: 19700, 19800, 19900

Support: 19600, 19500, 19400