Stocks retained in F&O ban: Angel One, Hindustan Copper
Stocks removed from F&O ban: Nil
Market wrap up(DWM,T,N,E):The Nifty 50 snapped two-day gains and finished the weekly F&O expiry session with a 0.4 percent loss on July 17. Overall, the index still shows sideways action with a negative bias, considering the technical indicators, and may be waiting for a trigger to gain a firm direction. Until it shows a decisive close above the 20-day EMA (around 25,250), the consolidation may continue, with immediate support at 25,000 and then at 24,900 levels. Above 25,250, the immediate resistance is placed at 25,350 (the upper zone of the bearish gap of July 11), as sustaining above it can drive Nifty toward 25,550 and 25,700 levels, according to experts, The Nifty 50 saw a bearish candle formation on the daily timeframe, negating the higher highs-higher lows formation of the previous two sessions. The index still sustained below short-term moving averages (10 and 20-day EMAs) and reached near the 50% Fibonacci retracement (June low-high – 25,070), which generally acts as support. The MACD maintained a bearish crossover with a weakening histogram, and the RSI dropped below 50 to 47.56 with a negative crossover. All these signals indicate consolidation with a negative bias. The Bank Nifty formed a long bearish candle on the daily charts and failed to close above the falling resistance trendline, declining by 340 points. The index closed below the 10-day EMA but continued to defend the 20-day EMA (56,800) as well as the upward sloping support trendline. The MACD maintained a negative crossover with a weakening histogram, and the RSI at 52.99 failed to show a positive crossover, sustaining in the bearish crossover. All of this indicates further consolidation with a negative bias.
