Nifty:%;Candle:OGU,Long day red; Bank Nifty:% Candle:OGU,Long day red ; HB:OgU,Long day red, 1677,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long%FutCash;-3979;Opt%
OI data Nifty ( max pain W19650M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Indian Oil Corporation, Bank of India, M&M Financial Services, Marico, Chalet Hotels, DCB Bank, Equitas Small Finance Bank, Exide Industries, Fino Payments Bank, KFin Technologies, Laxmi Organic Industries, Nazara Technologies, NLC India, Piramal Enterprises, RITES, Route Mobile, Satin Creditcare Network, SBI Cards and Payment Services, Star Health, and United Breweries will be in focus ahead of quarterly earnings on July 28.
NTPC, IDFC First Bank, MCX India, D-Link (India), Five-Star Business Finance, Inox Wind, Rossari Biotech, Sonata Software, and Stove Kraft will be in focus ahead of June FY24 quarter earnings on July 29.
Market wrap up(DWM,T,N,E):With the formation of Bearish Engulfing kind of candlestick pattern on the monthly F&O expiry day, July 27, the bears got back in action mode and dragged the Nifty50 below 10-day EMA (exponential moving average) that had acted as a support for several sessions in the past, after the Federal Reserve hinted for one more rate hike in rest of calendar year. As a result, the index may see further correction up to 19,500 or 20-day EMA and if the said levels get broken then there could be sharp correction in the beginning sessions of August series. On July 27, the BSE Sensex dropped 440 points to 66,267, while the Nifty50 slipped 118 points to close at 19,660 despite uptrend in global peers, led by banking & financial services, auto, FMCG, oil & gas, and select IT stocks. Going ahead, “the profit booking may extend a bit and the support level of 19,500 (20-EMA) is likely to get challenged in this scenario,” this average has proven to be a strong base during previous price corrections in May and June, resulting in significant positive momentum. Therefore, it holds pivotal importance for the upcoming sessions, as a break below it may lead to meaningful profit booking in days to come, On the other hand, Thursday’s supply zone around 19,850 – 19,880 is expected to act as a stiff resistance, and only a breakthrough would trigger an upside momentum. Hence, Rajesh advised traders to wait for some consolidation or a decent price dip before considering aggressive long positions. The daily as well as hourly momentum indicator has a negative crossover which is a sell signal. Thus, “both price and momentum indicators are suggesting that there could be some weakness in the short term,” The daily Bollinger bands are also contracting, which points towards consolidation in the short term. And thus, Jatin changes short-term stance from positive to sideways and the range of consolidation is likely to be 19,900 – 19,500.
