MARKET OUTLOOK FOR 26th July 2021

TODAY’S MARKET SNAPSHOT:

The nifty ended with moderate gains on July 23. The nifty gained 32 points and closed at 15856.05 while the bank Nifty gained 357.10 points and closed at 35034.40. The Sensex closed 138.59 points higher at 52975.80.

On the sectoral front, buying was seen in Realty, FMCG and banking sectors while as selling pressure was seen in media, infra and energy space.

On the broader market front, the nifty midcap 100 index was up 0.17 percent, in line with the bench mark indices, and the nifty small cap 100 index was down 0.46 underperforming the benchmark indices.

The advance decline ratio stood in the ratio of 1:1.5

The consolidation in Nifty is likely to kick in for next 1-2 sessions. Nifty is likely to remain rangebound for next 1-2 sessions. The broader range will be 15740 on downside and 15940 on upside. Any closing above 15920 will open gates for 16300 and a closing below 15800 will take nifty to 15500. Trade with caution as this is the expiry week.

Bank nifty is also likely to remain rangebound for the coming week. The broad range will be 34500 on downside and 35500 on upside. Any closing above 35350 will push bank nifty towards 35900 while as any closing below 34700 will push bank nifty towards 34200 level. ICICI bank will dictate bank nifty tomorrow and trade accordingly.

Tomorrow the market will first react to the earnings of RIL, ICICI Bank, and ITC which were announced in the after-market hours on Friday and Saturday.

FII & DII Data

Foreign institutional investors (FIIs) net sold shares worth Rs 163.31 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 2187.80 crore in the Indian Equity Market on July 23 as per provisional data available on the NSE.

TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)

ANALYSIS OF TODAY’S DERIVATIVE DATA for July Expiry

1. NIFTY

As per today’s option chain data, strong resistance for nifty exists at 16000 level while as strong support exists at 15800 level. The call writing was seen at 15900, 16000 and 16200 strike prices while as significant put writing was seen in today’s trading session at 15800 strike price.

2. Bank Nifty

As per today’s option chain data, Strong resistance for bank nifty exists at 35500 level while as strong support exists at 34700 level. No writing seen in today’s trading session.

MAXIMUM PAIN OPTIONS FOR JULY EXPIRY

Sectors to watch out for tomorrow

1. Nifty Bank
2. Nifty Small Cap
3. Nifty Realty

Stocks to watch out for tomorrow:

1. RIL
2. ITC
3. ICICI Bank

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