Indian Markets End Flat Amid Volatility on Monthly Expiry...

EQUITY BULLETIN FOR 26 JULY 2024

On July 25, Indian benchmark indices closed flat after a volatile session. The BSE Sensex dipped 109.08 points, or 0.14%, to 80,039.80, while the NSE Nifty declined 7.40 points, or 0.03%, to 24,406.10. The session saw mixed sentiment, with 1,791 shares advancing, 1,635 shares declining, and 77 shares unchanged.

The BSE midcap and smallcap indices also experienced slight losses, indicating cautious market sentiment amid broader volatility. The Nifty Put-Call ratio (PCR) jumped to 1.21 from 0.87, reflecting a more bullish mood. Volatility, although rebounded, remained below all key moving averages. The India VIX, the fear gauge, rose 7.27% to 12.62 from 11.76 levels.

Nifty Future Overview

Nifty futures sharply recovered intraday losses and ended on a flat note in the last trading session. Now fresh move will expect on either side breakout.

Now Nifty has major support around 24300 and upside resistance around 24550. Break and sustain above 24550 could propel Nifty towards levels of 24660-24740.

Conversely, a downturn below 24300 may trigger a decline to 24220-24150 levels. Sell on rise around resistance will be a crucial strategy for the traders.

Trading Strategy for Nifty Futures 

Traders are advised to Sell Nifty Futures around 24550, with a stop loss set above 24650 for potential targets up to 24450—24350 levels.

Bank Nifty Overview    

Bank Nifty slipped from the higher levels and ended on a bearish note in the last trading session. Now Bank Nifty Futures has a near support around 50550 and resistance at 51200, sustained movement beyond 51200 could lead Bank Nifty towards 51400-52600 levels.

Conversely, a breach below 50550 may drive it down to 50300-50000 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Sell Bank Nifty Future around 51050 with a stop loss above 51400 for the downside movement till 50700—50500 levels in an intraday trading session.

In conclusion, traders are advised to remain vigilant amidst market fluctuations and capitalize on strategic entry and exit points to optimize their trading endeavors.

Stock Pick of the Day

SUNTV (26/07/2024)

Buy SUNTV Futures on dip around 804 for the upside move till 820 and then to 835 levels in the coming days. Stop loss below 790.           

Stay tuned for further insights and updates from Millennial Investor Services - Your Trusted Stock Market Advisory Partner.  

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