New Update
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(Based on Market Closing on Friday, July 19, 2024)
In the last trading session, the Nifty closed at 24530.90, down 269.95 points or -1.09 percent. The
downtrend will continue if the index moves below the intraday support level of 24,500.
In the last trading session, the Nifty opened at 24853.80 on a positive bias, and this level itself is the
high of the day. Then the index fell, hitting the intraday low of 24508.20 and finally closing at 24530.90.
All the sectors closed on a negative bias. The metal, auto, realty, and media were the top sector
losers. The market breadth was negative with 426 stocks rising, 2109 falling, and 104 remaining
unchanged.
The top gainers in the Nifty index were INFY, ITC, ASIANPAINT, and BRITANNIA. On the other
hand, the major losers included TATASTEEL, BPCL, HEROMOTOCO, and HINDALCO.
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. However, the index formed a black candle on the daily
chart and closed near the day's low. This pattern looks like a bearish engulfing pattern. This candle
indicates the slowdown in the recent uptrend and the possibility of shifting the trend down. For more
confirmation, in the coming day the index needs to trade and sustain below the bearish engulfing pattern.
The nearest intraday support is at 24500 levels. if the index moves below this level, the bearish trend will
continue in the coming days. On the higher side, the index has intraday resistance at 24600 levels.
Intraday Levels: Support - 24500, 24400, 24300Resistance - 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 52265.60 registering a loss of 355.10 points.
Technically, the momentum indicators signal a neutral trend. The index closes below the short-term moving averages. Moreover, the index formed a black candle on the daily chart and closed inside the previous day's close. This pattern looks like a bearish harami pattern. This pattern indicates that the bullish trend is reversing. For confirmation, on the coming day, the index should trade and sustain below the
Harami pattern low. On the lower side, the index has intraday support at the 52200 level. If the index
moves below this level, the bearish trend can continue in the coming days. The nearest intraday
resistance is at 52400 levels.
For intraday traders, the support levels are at 52200, 52000, and 51800, while resistance levels can be
identified at 52600,52600, 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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