NIFTY OUTLOOK & OPTION TRADING TIPS FOR 19 JUL 2024

It seems you've provided a comprehensive update on the Indian equity markets for July 18. Here's a structured report based on the information:

Market Summary - July 18, 2024:

Benchmark Indices:

• Sensex: Closed at 81,343, up by 626 points or 0.78%.
• Nifty: Closed at 24800, up by 187 points or 0.76%.

Market Movement:

• The markets extended their positive streak, with the Nifty reaching 24,800, supported by gains across various sectors.
• IT sector outperformed with a rally of over 2.20%, while Media sector corrected sharply, declining by 3.5%.

Technical Analysis:

• Nifty successfully surpassed short-term resistance levels, indicating intensified positive momentum.
• Support levels: 24,700/81,000; Resistance levels: 24,900-24,950/81,600-81,800.
• Immediate support shifted higher towards 24,550-24,600.

Bank Nifty:

• Held above the 20-day moving average, moving towards 53,000 following a gap down opening and testing support at 52,100.

Sectoral Performance:

• Gainers: IT, FMCG, Auto, and Telecom sectors rose between 0.3% to 2%.
• Losers: Media and Metal sectors declined by 1% to 3.5%.
• Midcap & Smallcap: Both indices shed 1% each, recovering slightly but not outperforming the frontline indices.

Top Gainers (Nifty):

• TCS, LTI, Mindtree, ONGC, Bajaj Finserv, Wipro.

Top Losers (Nifty):

• Asian Paints, Hero MotoCorp, Grasim, Coal India, Bajaj Auto.

Market Sentiment:

• Bullish sentiment prevailed, indicated by strong market breadth with more advances than declines.

Outlook:

• Short-term trend remains positive above 24,500 for Nifty and 52,000 for Bank Nifty.
• Potential resistance at 25,000 for Nifty and 53,000-53,300 for Bank Nifty in the near term.

This report summarizes the key developments and technical outlook for the Indian equity markets on July 18, 2024.