TO GET LIVE TRADING TIPS WHATSAPP YOUR NAME SEGMENT ON 9039542248 OR FILL THE FORM VISIT https://niftytipsniftylevels.blogspot.com/p/enter-mobile-number-for-2-days-trial.html
WEEKLY RESISTANCE FOR NIFTY: 19900, 20000, 20100
PIVOT POINT: 19700
WEEKLY SUPPORT
FOR NIFTY: 19600, 19500, 19400
WEEKLY CHART FOR NIFTY
After a strong close last Friday, Nifty started this week on July 17, 2023 on a positive note and maintained positive sentiment throughout the day. Momentum remained strong thanks to smart buying in heavyweights, notably Reliance, followed by the banking sector. Nifty closed above 19700 up 0.75%, helped largely by strong buying over the past hour. On the morning of July 18, 2023, Asian signals presented a mixed picture for trading. Nevertheless, the leading index Nifty started the day with a strong gap-up opening. However, there was no significant follow-up as prices fluctuated within a 100 point range and finally closed below the opening level with nominal gains of 0.20%, just below 19750. US markets showed positive movement overnight and provided a good start for our markets on July 19, 2023. Although there was some sluggishness after the morning open, the bulls regained control in the second half, leading to Nifty closing at its highest point with a decent close gain of 0.44%, well above 19800. On Thursday, the weekly expiry day, July 20, 20 23, the benchmark index started flat and followed a similar pattern to the previous session, with profit booking in the first hour. However, the bulls saw this as an opportunity and launched a strong wave of buying throughout the session, almost reaching the 20,000 level. Ultimately, prices closed just below the 20,000 mark, up 0.74%. Benchmark indices closed lower on July 21 with Nifty below 19,800. At the close, the Sensex was down 887 points at 66684 and the Nifty was down 234 points at 19745. Equity markets trended higher for the week, making a series of new closing all-time highs. Continued inflows of FII funds and improved sentiment drove domestic stock markets higher. Good results from the ongoing earnings season, value added from the merger of HDFC and HDFC Bank and the demerger of Reliance, expectations of a peak in global inflation and signs of a soft landing in the US were some of the factors that set the backdrop for positive sentiment.
NIFTY:
STRONG SUPPORT& STRONG RESISTANCE LEVEL
In
the near term, the ongoing earnings season and FII inflows will continue to
weigh on equity markets; However, some profit booking cannot be ruled out. We
expect Nifty to spend some time near current levels to digest the recent surge
and it would be healthy. In the meantime, participants should focus more on
risk management for the existing businesses and favor sectors that are proving
resilient for new positions. Among the key sectors, banking and finance still
seem promising for further upside, while the rift in IT has delayed the trend
reversal, so plan accordingly.
TECHNICALLY
SPEAKING
All eyes will be on next week's Federal Reserve and ECB monetary policy meetings. Investors would also look to various published macro data. As earnings season gathers momentum, we anticipate plenty of stock-specific action and direction for domestic equities in the coming week. In addition to index heavyweight Reliance, the banking sector is also likely to be in focus as ICICI Bank and Kotak Bank are due to report results over the weekend. Technically, the Nifty on the intraday charts has broken the crucial support at 19850 and is trading comfortably below it after the break, which is largely negative. Additionally, a strong intraday correction and a reversal pattern on the daily charts are also pointing to temporary weakness. Below 19850, weak sentiment is likely to continue, slipping down to 19700-19500. On the other hand, a renewed uptrend rally is only possible after the 19825 dissolution and beyond that, the index might retest the 19900-19950 level. Contra traders can place a long bet near 19540 with a strict stop loss of 40 points.
No comments:
Post a Comment