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Momentum indicators point to neutral trend
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(Based on Market Closing on Monday, July 22, 2024)
In the last trading session, the Nifty closed at 24509.25, down -21.65 points or -0.09 percent. The
downtrend will continue if the index closes below the short-term support level 24,500.
In the last trading session, the Nifty opened at 24445.80 on a negative bias and hit the intraday low of
24362.30 in the morning trade. Then the index gradually rose and tested the intraday high of 24595.20,
finally closing at 24509.25.
The auto, pharma, metal, and PSU banks were the top sector gainers, while the losers were realty, media, IT, and FMCG. The market breadth was positive with 1416 stocks rising, 1161 falling, and 66 remaining unchanged.
The top gainers in the Nifty index were GRASIM, NTPC, ULTRACEMCO, and HDFCBANK. On the other hand, the major losers included WIPRO, KOTAKBANK,
RELIANCE, and ITC.
Neutral trend
From a technical standpoint, the momentum indicators signal a neutral trend. The Nifty remains above
the long-term and short-term moving averages. The index formed a small white candle on the daily chart
but closed below the previous day's close. This pattern indicates a negative bias for the index. The
nearest short-term support is at 24500 levels. if the index closes below this level, the short-term trend
can turn downward. Otherwise a pullback rally can be expected from the support area. On the higher
side, the nearest intraday resistance is at 24600 levels.
Intraday levels
Support - 24500, 24400, 24300
Resistance - 24600, 24700-24800 (15-Minute Charts)
Positional Trading: Short-term support - 24500-24000
Resistance - 25000- 25500.
Bank Nifty
In the preceding trading session, Bank Nifty closed at 52280.40 registering a gain of 14.80 points.
Technically, the momentum indicators signal a negative trend.
And the index remains below the short-term moving averages. However, the index formed a small white
candle on the daily chart and closed above the previous day's close. This pattern indicates a slightly positive bias. On the lower side, the index
has intraday support at 52200 level. A negative trend can be expected today if the index moves below
this level. The nearest intraday resistance is at 52400 levels. For a pullback rally, the index needs to move
above this level.
For intraday traders, the support levels are at 52200, 52000, and 51800, while resistance levels can be
identified at 52400,52600, and 52800 as indicated by the 15-minute charts.
Positional traders should monitor short-term support levels at 51900-50650, with resistance at 53250 -
54500.
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