New Update
/dhanam-english/media/media_files/EcGZAxnG9G7BMOaXitMO.jpeg)
Pattern indicates possibility bullish trend continuing
00:00
/ 00:00
By Jose Mathew T
(Based on the market closing on Tuesday, July 16, 2024)
In the last trading session, the Nifty closed at 24,613, up 26.30 points or 0.11 percent. The positive trend
will continue if the index remains above the intraday support level of 24,575.
In the last trading session, the Nifty opened at 24, 615.90 on a positive bias and tested the record high of
24661.30 but failed to continue the momentum and it gradually fell and hit the intraday low of 24587.70
before closing at 24613. Real estate, FMCG, IT, and auto were the top sector gainers, while media,
pharma, PSU banks, and financial services were the top losers. The market breadth was negative with
1235 stocks rising, 1337 falling, and 68 remaining unchanged.
The top gainers in the Nifty index were COALINDIA, BPCL, HINDUNILVR, and TATACONSUM. On the other hand, the major losers included SHRIRAMFIN, DRREDDY, KOTAKBANK, and ULTRACEMCO.
Positive trend
From a technical standpoint, the momentum indicators signal a positive trend. The Nifty remains above
the long-term and short-term moving averages. Moreover, the index formed a Doji candle on the daily
chart and closed at a record high. This pattern indicates the possibility of continuing the bullish trend.
The nearest intraday support is at 24575 levels. if the index remains above this level, the bullish trend
will continue in the coming days. On the higher side, the index has intraday resistance at 24660 levels.
Intraday Levels: Support - 24575, 24525, 24450 Resistance - 24660, 24725-24800(15-Minute Charts)
Positional Trading: Short-term support - 24250-23800 Resistance - 24750- 25250.
Bank NIFTY
In the preceding trading session, Bank Nifty closed at 52396.80 registering a loss of -59.10 points.
Technically, the momentum indicators signal a negative trend. The index remains above the long-term
and medium-term moving averages. however, the index formed a small black candle on the daily chart closed below the previous day's close. This pattern indicates a negative bias for the index.
On the higher side, the index has intraday resistance at the 52600 level. A positive trend can be expected if the index moves above this level. Otherwise, the index may continue the recent consolidation above the support level of 51900 for a few more days.
For intraday traders, the support levels are at 52350, 52100, and 51900, while resistance levels can be
identified at 52600,52850, and 53050 as indicated by the 15-minute charts.
Positional traders should monitor short-term support levels at 51900-50650, with resistance at 53250 -
54500.
/dhanam-english/media/member_avatars/2024-07-20t074512862z-whatsapp-image-2024-07-20-at-10945-pm.jpeg )