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Today's domestic rally was bolstered by counter-buying in IT stocks, helped by stable margins, new business opportunities and a weakening US dollar as recent US inflation is fast approaching the Fed's targets. The broad market traded positively at all-time highs on anticipation of a buoyant Q1 result and low volatility (VIX). However, a mixed start to bank earnings combined with ongoing concerns over domestic inflation led to a bearish mood in the second half of the year. Benchmark indices ended the highly volatile market higher on July 13th. At the close, the Sensex was up 164 points, to 65558 and the Nifty was up 29 points, to 19413. About 1322 shares rose, 2037 shares fell and 129 shares remained unchanged. Hindalco Industries, TCS, Infosys, LTIMindtree and Tech Mahindra were among the top gainers on the Nifty, while losers were Power Grid Corporation, Coal India, BPCL, UPL and Maruti Suzuki. The Nifty hit a new all-time high of 19567 but failed to hold due to selling pressure, resulting in a significant drop at the end of the day. It consistently showed high volatility. The daily Relative Strength Index (RSI) indicated a bearish crossover. Currently, the trend seems to be running sideways in the short term. Support is expected at 19300 while resistance is seen at 19600. The bears continue to dominate the market as the Bank Nifty failed to surpass the 45000 level. This indicates bearish sentiment in the index. On the downside, the bulls managed to hold the 44700 support level, which indicates some buying interest at this level. However, a break below this support level could open the gates for further downtrend towards 44500-44000, which coincides with the 20-day moving average (20DMA). For the index to turn bullish, it must surpass the 45000 level on a close basis. This would indicate a possible shift in market sentiment towards more upside.
Resistance: 19600, 19700, 19800
Support: 19500, 19400, 19300
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