TODAY’S MARKET SNAPSHOT:
Nifty was volatile throughout the trading session on July 28. The nifty shed 37.05 points and closed at 15709.40 while as the bank Nifty fell 264.55 points and closed at 34532.90. The Sensex closed 135.05 points lower at 52443.71.
On the sectoral front, buying was seen in Metal, IT and commodity space, while as heavy selling pressure was seen in PSU banks, Auto, Pharma and Realty space.
On the broader market front, the nifty midcap 100 index closed 0.51% lower and the nifty small cap 100 index closed 0.50% lower in line with the benchmark indices.
The advance decline ration stood in the ratio of 1:1.75
Nifty is making lower-lows lower highs from last 3 sessions. The expected 200 move came today. Now nifty has to defend today’s swing low. In case nifty fails to hold today’s low in next 1-2 sessions, then another 7-10 % correction might kick in. Avoid longs till nifty doesn’t close above 15900. Be stock specific for next three sessions.
Technically bank nifty is looking very weak on daily charts. Every rise , if any, should be used as an opportunity to exit from the long positions. Bank nifty should also respect today’s swing low, otherwise another 8-10% correction is highly possible. Avoid long positions till bank nifty doesn’t close above 35350.
FII & DII Data
Foreign institutional investors (FIIs) net sold shares worth Rs 2274.77 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 921.45 crore in the Indian Equity Market on July 28 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
As per today’s option chain data, strong resistance for nifty exists at 158000 level while as strong support exists at 15500 level. No writing visible today.
- Bank Nifty
As per today’s option chain data, Strong resistance for bank nifty exists at 35000 level while as strong support exists at 34000 level. No writing visible in today’s trade and as such big move is expected tomorrow on either side.
MAXIMUM PAIN OPTIONS FOR JULY EXPIRY
Sectors to watch out for tomorrow
- Nifty Metal
- Nifty Pharma
- Nifty Realty
Stocks to watch out for tomorrow:
- Petti engineering
- Mirza International
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