MARKET OUTLOOK FOR 16th July 2021

TODAY’S MARKET SNAPSHOT:

	NIFTY	BANKNIFTY
OPEN	15872.15	35757.45
HIGH	15952.35	35985.25
LOW	15855	35625.70
CLOSE	15924.20	35907.65
PREVIOUS CLOSE	15853.95	35688.25
SUPPORT	15840	35350
RESISTANCE	15960	36000
VIEW	Positive	Positive

The nifty maintained the positive momentum throughout the trading session on July 15. The nifty rose 70.25 points and closed higher at 15924.20 while the bank Nifty rose 239.40 points and closed higher at 35907.65. The Sensex closed 254.80 points higher at 53158.85.

On the sectoral front, buying was seen in Realty, IT, metal, Pvt Banks , Fin Services, Service sector and Infra, while selling pressure was seen in PSE, Energy and auto space.

On the broader market front, the nifty midcap 100 index was up 0.48 percent and the nifty small cap 100 index was up 0.95 percent, in line with the benchmark indices.

The advance decline ratio stood in the ratio of 1:1

Nifty 50 is continuously making higher-highs higher-lows from last three trading sessions, which is a bullish sign. Today nifty managed to close above the psychological level of 15900, which again is a positive sign. Tomorrow the nifty is expected to continue its bull run and is likely to cross the psychological level of 16000. On downside, weakness will emerge only if nifty gives closing below 15840 level. Buy every dip and trade the market between the suggested levels.

Bank nifty is continuously making higher-highs higher-lows from last four trading sessions. The data on bank nifty looks very encouraging. The bank nifty is expected to hit 36200 in next 1-2 sessions. Build long positions on every dip. The reversal can occur if bank nifty gives closing below 35500. Overall the sentiment is positive and investors should build long positions on bank nifty futures.

FII & DII Data

Foreign institutional investors (FIIs) net sold shares worth Rs 264.77 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 439.41 crore in the Indian Equity Market on July 15 as per provisional data available on the NSE.

TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)

Symbol	LTP	%Chng	Volume
HCLTECH	1,039.05	5.01	1,26,99,869
LT	1,601.25	3.66	90,65,912
WIPRO	578.35	2.96	3,10,61,262
TECHM	1,109.25	2.85	59,20,233
HINDALCO	401.35	2.48	1,03,41,015
ONGC	117.10	-3.06	2,85,77,162
EICHERMOT	2,664.90	-1.30	7,30,705
BHARTIARTL	525.45	-0.87	67,55,890
GRASIM	1,554.60	-0.84	9,07,743
COALINDIA	147.00	-0.78	72,53,790

ANALYSIS OF TODAY’S DERIVATIVE DATA for 22^nd July Expiry

• NIFTY

As per today’s option chain data, strong resistance for nifty exists at 16200 level while as strong support exists at 15800 level. The call writing was seen at 16200, 16300 and 16500 strike prices while as put writing was visible in today’s trade at 15900, 15800 and 15700 strike prices which indicates that nifty is likely to scale up in coming sessions.

• Bank Nifty

As per today’s option chain data, Strong resistance for bank nifty exists at 36000 level while as strong support exists at 35900 level. Call writing seen at 36000  and 36100 strike prices while as put writing was seen at 35900 and 35800 strike prices which indicates range bound trading on bank nifty in coming sessions.

MAXIMUM PAIN OPTIONS FOR 22^nd JULY EXPIRY

NIFTY	16050
BANK NIFTY	36100

Sectors to watch out for tomorrow

1. Nifty BANK
2. Nifty IT
3. Nifty Auto

Stocks to watch out for tomorrow:

1. Happstmnds
2. Cyient
3. Graphite

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For exact entry and exit levels, you can mail me at investor0007@hotmail.com