12/07/26, NIFTY50 Momentum is forming Ascending Triangle

 

12/07/26, BUSY WEEK AHEAD FOR IPO's

The calendar year so far has witnessed the launch of 30 mainboard IPOs worth Rs 24,404 crore. With the addition of SBI Funds Management and Alpine Texworld, the total fund-raising through 32 mainboard IPOs will reach Rs 34,343 crore.

In the SME segment, 90 companies have successfully completed their public issues worth Rs 3,861 crore so far this year. Including Millworks Technologies, the total fundraising will increase to Rs 4,022 crore.

Gujarat-based textile company Alpine Texworld will be the second IPO in the mainboard segment, opening alongside the SBI Funds Management public issue.

Alpine Texworld is raising Rs 126.25 crore through an initial public offering of 1.2 crore equity shares, comprising an entirely fresh issue. The price band has been fixed at Rs 100-105 per share, valuing the company at Rs 401.5 crore.

The IPO proceeds will be utilised to set up a new weaving unit (Manufacturing Unit 3) to expand its grey fabric production capacity, repay loans, and meet general corporate purposes.

Apart from the mainboard IPOs of SBI Funds Management and Alpine Texworld, Millworks Technologies will be the only SME IPO opening on the same date. The company plans to raise Rs 160.3 crore through an initial share sale of 48.44 lakh equity shares, comprising entirely a fresh issue, at the upper end of the price band of Rs 315-331 per share.

The Bengaluru-based precision engineering company will utilise the net proceeds from the IPO to purchase plant and machinery, meet its working capital requirements, and for general corporate purposes.

Meanwhile, the Rs 742-crore IPO of power transmission and distribution products manufacturer Laser Power & Infra will close on July 13 after being fully subscribed.

The SME IPOs of Devson Catalyst and Happy Steels will also close on July 13.

The IPO of Devson Catalyst, which manufactures catalysts, adsorbents, and ceramic balls for industrial processes, was subscribed 27.35 times during the first two days of bidding, while automotive components maker Happy Steels received 2.95 times subscription during the same period.

All three companies—Laser Power & Infra, Devson Catalyst, and Happy Steels—are scheduled to debut on the stock exchanges on July 16.

According to market observers, the IPO shares of all three companies are commanding double-digit premiums in the grey market. Laser Power & Infra is quoting at around a 17 percent premium, Devson Catalyst at approximately 38 percent, and Happy Steels at around 21 percent.

Report by Sunil Shankar Matkar 

Source: moneycontrol

11/07/26, FinancialMarket REPORT

The Indian benchmark indices extended their recovery for a second consecutive session on July 10, with both the Sensex and Nifty gaining around 1 percent, supported by broad-based buying across sectors.

Amid positive global cues, the market opened on a firm note and extended its gains through the session, with the Nifty 50 touching an intraday high of 24,228.45. The rally was led by IT stocks after Tata Consultancy Services (TCS) reported its June quarter earnings, while buying in realty, metal, banking stocks further boosted sentiment.

At close, the Sensex was up 827.57 points or 1.08 percent at 77,569.39, and the Nifty was up 244.10 points or 1.02 percent at 24,206.90.

For the week, BSE Sensex and Nifty fell 0.2% each.

The broader markets outperformed the benchmark indices, with the Nifty Midcap 100 rising 1.4 percent and the Nifty Smallcap 100 advancing 1.5 percent. Both indices scaled fresh record highs.

Biggest Nifty gainers were Jio Financial, HDFC Life, Adani Enterprises, SBI Life Insurance, Reliance Industries, while losers included Dr Reddys Labs, Eternal, Bharti Airtel, Nestle and Sun Pharma.

Sectoral performance remained broadly positive, with all major indices ending in the green. Realty stocks emerged as the top performers, with the Nifty Realty index surging 3.5 percent, followed by the Nifty PSU Bank index, which rallied 3 percent. The Nifty IT index gained 2 percent, aided by gains in TCS after its June quarter earnings.

Among other sectors, the Nifty Metal index rose 1.5 percent, Nifty Bank climbed 1.4 percent, while Oil & Gas, Private Bank, Energy, Infrastructure and Consumer Durables indices gained between 1 percent and 1.3 percent. The Auto index added 0.72 percent.

Around 140 stocks touched their 52-week high on the BSE, including Capri Global, JK Bank, Aether Industries, Anand Rathi, Oracle Fin Services, Nuvama Wealth, Sona BLW, Welspun Corp, Grasim Industries, Star Health, Nykaa, Delhivery, Jindal Saw among others. 

The Indian rupee erased some of the intraday gains but ended marginally higher at 95.32 per US dollar, from the previous close of 95.38.

Among individual stocks, Ion Exchange shares surged 17% on winning international contract of Rs 503 crore, Wheels India climbed 4% after its board approved a Rs 400 crore fund-raising proposal.

Waterways Leisure slipped 1.7% after the company announced a 1:10 stock split. Pace Digitek gained 1.6% after its subsidiary, Lineage Power, signed two strategic memoranda of understanding (MoUs) with Onward Solar Power and Kalpa Power for the supply of Battery Energy Storage Systems (BESS).

Vikram Solar advanced 5% after entering into a solar cell supply agreement with Evervolt Solar Technology India. Meanwhile, TCS gained 1% after reporting a 4.6 percent year-on-year rise in June quarter net profit to Rs 13,349 crore, while revenue increased 13.9 percent to Rs 72,275 crore.

Outlook for July 13

Abhinav Tiwari Research Analyst at Bonanza

Today, the Indian equities ended positively, as Nifty 50 and Sensex ended higher by 244 and 828 points respectively. IT stocks gained after TCS reported better than expected Q1 FY27 results. The company posted a revenue growth of 13.9%.

Looking ahead, the market's direction will largely depend on the ongoing Q1 FY27 earnings season. Strong earnings, healthy domestic inflows and a good monsoon provide support. However, geopolitical tensions in the Middle East and any sharp rise in crude oil prices remain key risks for the market.

Rupak De, Senior Technical Analyst at LKP Securities

The index has moved back above the falling trendline, confirming a revival in the prevailing trend. Momentum indicators also support the bullish outlook, with the RSI re-entering a bullish crossover on the hourly chart.

The shift in Put writing towards higher strike prices further reinforces the improving market sentiment. Additionally, India VIX has slipped further below its 200-day moving average, indicating easing fear in the market.

Overall, the near-term sentiment remains favourable for the bulls. On the upside, immediate resistance is seen at 24,500, while on the downside, strong support is placed at 24,000.

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

Nifty opened with a gap-up but traded in a narrow range throughout the session and closed at 24,207, up 1.02%.

The index formed a relatively small body bullish candle with a minor upper wick, reflecting intraday indecision. It has successfully reclaimed its 100-day EMA and recovered a major portion of the sharp 516-point decline witnessed on Wednesday. The RSI has inched higher, indicating a gradual build-up of bullish momentum.

Going ahead, the immediate resistance for Nifty is placed in the 24350-24400 zone. Any sustainable move above this zone could result in Nifty extending its pullback towards 24550, followed by 24700 in the short term. On the downside, the immediate support for Nifty is placed in the 24050-24000 zone.

written by Rakesh Patil

Source: Network18 

10/07/26, PostMarket REPORT

 The Bank Nifty climbed above the key 58,000 mark on Friday, extending its recovery for a second straight session as a broad-based rally across private and public sector lenders gathered pace. Analysts said the index's move above this key resistance level could strengthen the case for a fresh leg higher if sustained.

The banking index rose as much as 1.75 percent to an intraday high of 58,251.95 before trading at 58,100 at 2:05 pm, taking its gains over the past two sessions to more than 2 percent. The advance outpaced the broader market, with the Sensex rising nearly 1 percent, supported by easing crude oil prices, positive global cues and optimism following Tata Consultancy Services' quarterly earnings.

The rally broadened during the afternoon as PSU banks outperformed. The Nifty PSU Bank index jumped more than 3 percent, aided by a sharp rise in Indian Bank after the lender reported better-than-expected June quarter earnings. The Nifty Private Bank index also gained about 1.2 percent.

Within the Bank Nifty pack, Union Bank of India led the gains, rising nearly 5 percent, followed by Canara Bank, Bank of Baroda and Punjab National Bank. AU Small Finance Bank advanced over 2 percent, while Axis Bank, ICICI Bank and State Bank of India gained between 1 percent and 2 percent. HDFC Bank, Kotak Mahindra Bank and Yes Bank also traded higher.

Technical analysts said Friday's move marks an important test of the 58,000 resistance zone, which had been identified by several brokerages as the key hurdle after the recent bout of consolidation. Bank Nifty's move above the key 58,000 level has improved the near-term outlook, although confirmation through a sustained close above the mark remains crucial.

ICICIDirect said a decisive close above 58,000 could extend the rally towards 60,000, while Bajaj Broking sees the index advancing to 59,200 if the breakout sustains. Ponmudi R, CEO of Enrich Money, also identified 58,000 as the key hurdle, with potential upside towards 58,500-58,700, while placing immediate support at 57,400.

Choice's Sachin Gupta said the index continues to trade above its key moving averages, though momentum indicators remain mixed. Axis Securities also retained a mildly bullish stance after the index reclaimed its 200-day simple moving average, but said stronger momentum confirmation is still needed.

Report by Shaleen Agrawal 

Source:Moneycontrol

10/07/26, Sparsh Bansal Report on Markets Today

The global markets are trading on a higher note as semiconductor stocks rebound. Also, crude oil prices slipped back to the $75 a barrel mark. The GIFT Nifty is indicating a higher start for Indian markets, up 95 points or 0.40%. 

Earlier on Thursday, the Nifty 50 closed the session 80.75 points or 0.34% higher at 23,962.80, while the BSE Sensex surged 238.22 points or 0.31% to close at 76,741.82. 

Key global and domestic cues to know on July 10, 2026

Asian Markets

Asia-Pacific markets opened Friday’s trade on a higher note, following overnight gains on Wall Street. Japan’s benchmark Nikkei 225 jumped 1.34%, while the Topix surged 0.66%. South Korea’s Kospi rocketed 2.54%, and the small-cap Kosdaq advanced 4.10%. 

US indices

US stock futures tied to benchmarks are trading in the red on Friday. S&P 500 futures were down 0.16%. Futures tied to the Dow Jones Industrial Average were down marginally. Nasdaq 100 futures declined 0.35%.

On Thursday, US stock markets closed on a higher note after being helped by semiconductor stocks and a fall in oil prices. The Nasdaq Composite gained 1.30% to 26,206.89, while the S&P 500 rose 0.81% to 7,543.64. The Dow Jones Industrial Average added 139.02 points, or 0.27%, to 52,487.41.

Crude oil

West Texas Intermediate (WTI) crude futures were trading 0.28% lower at $71.89 per barrel. On the other hand, Brent crude futures with August delivery were trading 0.34% lower at $76.04, surpassing the psychologically important level of $75. On COMEX, crude prices dropped 0.32% to trade at $71.85 a barrel.

Gold rate today

On COMEX, the precious metal was trading at $4,125.90 an ounce, down 0.36%.

The rate for 24-carat gold today is Rs 1,45,610 per 10 grams. The price of gold has fallen 1.2% from yesterday. The 24 kt gold rate today in Delhi is Rs 1,45,360 per 10 grams. The 18-carat gold price today in India is Rs 1,09,207.5. The 24-carat gold rate in Dubai today is Rs 1,49,590. 

Silver rate today

On COMEX, Silver prices traded 0.80% higher at $60.26 per troy ounce.

In India, the silver rate rose 1.52%% to Rs 2.26 lakh per kilogram.

Silver had surged to record highs in January amid geopolitical tensions and economic uncertainty, with heavy speculative buying pushing prices higher, but soon faced volatility.

FII, DII data

Foreign institutional investors (FIIs) were net sellers of shares worth Rs 532.86 crore. On the other hand, the Domestic institutional investors (DIIs) were the net buyers of shares worth Rs 2,057.79 crore on July 09, 2026, according to the provisional data available on the NSE.

US dollar

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading 0.02% lower at 100.92. The index evaluates the strength or weakness of the US dollar in comparison to major currencies. The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. The rupee appreciated 0.20% to close at 95.38 to the dollar on July 09.

Top sectors in Thursday’s trade

The Electronics sector’s stocks surged the most in Thursday’s trade, rising 5.5% in market capitalisation. Further, Glass stocks were followed by the E-Commerce sector stocks, which were further followed by the Capital Market stocks. However, the Shipping sector stocks fell the most, declining 1.74%

Source: Financial Express

10/07/26, Share Market Today

 The Nifty 50 bounced back sharply after a day of selloff but closed off the day's high with gains of one-third of a percent on July 9. The formation of a bullish reversal-type pattern after a day of a long red candle has raised hopes for further recovery, provided the index defends the 23,800 support level and confirms the reversal with a rally in the following session. However, the overall market remains choppy in the short term. A sustained move above the 24,200–24,300 zone can bring bulls back into action. Until then, consolidation with range-bound trading may continue, with 23,800 acting as key support. Only a decisive fall below this level can increase the possibility of a downside move toward 23,600, according to experts.

Levels For The NIFTY50(cmp23,963

Resistance based on pivot points: 24,088, 24,137, and 24,217

Support based on pivot points: 23,928, 23,879, and 23,799

Special Formation: On the daily timeframe, the Nifty 50 formed a small bullish candle with a long upper shadow, resembling an inverted hammer-type pattern, after a day of a big red candle. Generally, the formation of such a pattern after a sharp fall is considered a bullish reversal signal, provided the index confirms it in the following sessions. The index closed above the 50-day EMA but failed to sustain above the 20-day and 100-day EMAs due to profit booking. The RSI rose to 50.43 but remained below the reference line. Meanwhile, the MACD is on the verge of a bearish crossover, with the histogram bar shrinking to almost the zero line. All this indicates that the index is at a crucial juncture, with confirmation from the next few sessions needed to determine the near-term direction.

 Levels For The NIFTY BANK (cmp57,252)

Resistance based on pivot points: 57,423, 57,564, and 57,792

Support based on pivot points: 56,967, 56,826, and 56,598

Resistance based on Fibonacci retracement: 59,195, 61,717

Support based on Fibonacci retracement: 56,441, 55,742

Special Formation: The Bank Nifty formed a bullish candle after a day of a long bearish candle on the daily charts, resembling a bullish harami candlestick pattern. This is generally considered a bullish reversal pattern but requires confirmation in the following sessions. The index closed above the 20-day EMA and sustained above its medium- and long-term moving averages. The RSI climbed to 52.7, though it remained below the reference line. However, the MACD maintained a bearish crossover, with the histogram extending its red bars for the third consecutive session. All this indicates that while the price action has turned positive, momentum indicators still warrant caution until further confirmation emerges.

 Nifty Call Option Data:

According to the weekly options data, the 24,200 strike holds the maximum Call open interest (with 89.7 lakh contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 24,300 strike (86.42 lakh contracts) and 24,000 strike (78.81 lakh contracts).

Maximum Call writing was observed at the 24,050 strike, which saw an addition of 17.94 lakh contracts, followed by the 24,100 and 24,000 strikes, which added 17.71 lakh and 16.89 lakh contracts, respectively. The maximum Call unwinding was seen at the 23,900 strike, which shed 11.14 lakh contracts, followed by the 24,200 and 24,250 strikes which shed 9.29 lakh and 7.89 lakh contracts, respectively.

Nifty Put Option data:

On the Put side, the maximum Put open interest was seen at the 23,600 strike (with 84.95 lakh contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 23,500 strike (82.1 lakh contracts) and the 23,800 strike (65 lakh contracts).

The maximum Put writing was placed at the 23,600 strike, which saw an addition of 33.68 lakh contracts, followed by the 24,000 and 23,500 strikes, which added 25.64 lakh and 25.36 lakh contracts, respectively. The maximum Put unwinding was seen at the 24,200 strike band which shed 10.67 lakh contracts, followed by the 24,300 and 24,250 strikes, which shed 5.52 lakh and 3.12 lakh contracts, respectively.

Nifty Bank Call option Data:

According to the monthly options data, the 58,000 strike holds the maximum Call open interest, with 13.96 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 57,000 strike (4.71 lakh contracts) and the 57,500 strike (4.3 lakh contracts).

Maximum Call writing was observed at the 57,500 strike (with the addition of 1.49 lakh contracts), followed by the 57,400 strike (75,570 contracts) and 56,700 strike (41,670 contracts). The maximum Call unwinding was seen at the 58,000 strike, which shed 59,160 contracts, followed by the 56,800 and 57,800 strikes, which shed 30,090 and 23,760 contracts, respectively.

Nifty Bank Put Option Data:

On the Put side, the maximum Put open interest was seen at the 58,000 strike (with 9.62 lakh contracts), which can act as a key level for the index in the short term. This was followed by the 57,000 strike (7.33 lakh contracts) and the 57,500 strike (4.93 lakh contracts).

The maximum Put writing was placed at the 57,500 strike (which added 2.07 lakh contracts), followed by the 57,200 strike (93,990 contracts) and 57,300 strike (76,140 contracts). The maximum Put unwinding was seen at the 58,000 strike, which shed 31,650 contracts, followed by the 56,800 and 58,200 strikes, which shed 15,540 and 13,170 contracts, respectively.

Written by Sunil Sankar Matkar 

Source:Moneycontrol, Network18 

09/07/26, Stocks to Watch

 

Let's catch up on the latest news from the stock market. From significant investments to major deals, quarterly earnings, and fundraise, here's a quick look at which stocks will be in focus in today's trade.

Results Today

India crude steel production grows 11.3% to 5.82 million tonnes (MT) Vs 5.23 MT

India crude steel delivery volumes increase 8.84% to 5.17 MT Vs 4.75 MT

 Phoenix Mills Q1 (YoY)

Retail portfolio consumption soars 32% to Rs 4,727 crore

Retail consumption delivering double-digit growth across most assets

Commercial offices gross leasing stands at about 1.9 lakh sq ft

The St. Regis, Mumbai and Courtyard by Marriott Agra record RevPAR growth of 15% and 23%, respectively

Gross residential sales stand at Rs 64 crore, collections at Rs 51 crore

Monthly Auto Sales Update

 SML Mainstay (June YoY)

Total commercial vehicle sales grow 4.9% to 1,896 units Vs 1,807 units

Commercial vehicle exports fall 46.8% to 34 units Vs 64 units

Production rises 2.65% to 1,587 units Vs 1,546 units

Stocks to Watch

State Bank of India 

State Bank of India's subsidiary, SBI Funds Management, has filed a Red Herring Prospectus with the Registrar of Companies to launch its IPO for public subscription on July 14. The IPO comprises an entirely offer-for-sale (OFS) of 20.37 crore shares by promoters State Bank of India and Amundi India Holding.

State Bank of India will sell a 6.3 percent stake in SBI Funds Management, while Amundi India Holding will divest a 3.7 percent stake through the IPO.

The price band for the offer has been fixed at Rs 545–574 per share.

JSW Energy 

The company announced the commissioning of 1,081 MW of renewable energy capacity since April 2026, taking its total installed capacity to 14,535 MW.

The capacity addition comprises 442 MW of solar, 108 MW of wind, 381 MW of hybrid, and 150 MW of hydro power projects.

Graphite India 

Graphite India's local management in Germany has decided to discontinue and close the operations and associated service activities of its Specialities and Coating divisions.

The lasting impact of the Russia-Ukraine war and weak demand have adversely affected the competitiveness of Graphite India's Specialities and Coating divisions in Germany.

National Aluminium Company & NLC India

NALCO and NLC India have signed a Joint Venture-cum-Shareholders' Agreement (JVA) to form a 50:50 joint venture company for the development of a 4×270 MW (1,080 MW) thermal captive power plant (CPP) at Angul, Odisha.

TVS Motor Company,  Indian Oil Corporation 

TVS Motor Company announced a strategic partnership with Indian Oil Corporation to strengthen last-mile LPG cylinder distribution through sustainable commercial mobility solutions.

TVS Motor will work with Indian Oil's network of over 13,000 LPG distributors across the country, enabling the adoption of TVS King Kargo HD vehicles for doorstep LPG cylinder deliveries.

H F C L

HFCL announced OptiQ AI as the unified brand identity for its integrated optical connectivity portfolio, comprising its existing range of optical fiber cables and accessories designed for AI, cloud, and hyperscale data centre environments.

Bulk Deals

iware Supply Chain Services:

Ace investor Vijay Kedia-backed Kedia Securities acquired 2.32 lakh shares in Iware Supplychain Services at Rs 348.25 per share and another 2.67 lakh shares at Rs 348.85 per share. The combined purchase of 4.99 lakh shares represented a 4.3 percent stake worth Rs 17.44 crore.

Separately, Getfive Opportunity Fund-I purchased 99,000 shares in Iware at Rs 365.25 per share for Rs 3.61 crore.

However, promoter entity Inter India Roadways offloaded 7.04 lakh shares, equivalent to a 6.12 percent stake, at an average price of Rs 354.03 per share. The transaction was valued at Rs 24.93 crore.

Following the latest acquisition, Vijay Kedia's holding in Iware Supplychain Services has increased to 10.3 percent, making him the company's largest public shareholder.

Capri Global Capital 

Capital Group-owned Smallcap World Fund Inc. bought a total of 1 crore equity shares, representing a 1.03 percent stake in Capri Global Capital, through two transactions. The fund purchased 51.32 lakh shares at Rs 240.22 per share and another 48.67 lakh shares at Rs 240.25 per share, taking the total transaction value to around Rs 240.23 crore.

As of June 2026, Smallcap World Fund already held a 1.71 percent stake, or 1.65 crore equity shares, in Capri Global Capital.

Knack Packaging :

BofA Securities Europe SA acquired 7.17 lakh equity shares, equivalent to a 0.58 percent stake, in Knack Packaging. The shares were purchased at Rs 185.93 per share, valuing the transaction at Rs 13.34 crore.

Stocks Trade Ex-Dividend

Titan Company

Harsha Engineers International

RPG Life Sciences

Sheela Foam

Source: Money control,  Network18 

08/07/26, Bloomberg report on Indian Microfinance

Indian microfinance lenders are facing renewed strains on their portfolios as price pressures and weak monsoon threaten rural incomes, raising the risk of defaults across the industry's $35 billion loan book.

“A weak monsoon could slow loan growth as lenders tighten underwriting standards and borrowers' repayment capacity deteriorates,” Geeta Chugh, sector lead for financial institutions at S&P Global Ratings, said in an interview. About 20% of microfinance borrowers have loans from more than two lenders, she estimated, adding that this segment has begun posting much higher delinquency rates than borrowers with few lending relationships.

Lenders including Bandhan Bank Ltd., and non-bank firms such as CreditAccess Grameen Ltd., Satin Creditcare Network Ltd. and Muthoot Microfin Ltd., have significant exposure to the sector. At Bandhan Bank, loans to the microfinance and micro-lending sector accounted for 23% of the total loan book at the end of March.

The microfinance sector had been under stress for the last two years after rapid credit expansion left many borrowers over-leveraged, driving up defaults and prompting lenders to tighten underwriting standards. However, conditions have begun to stabilize as lenders implement safeguards to curb borrower leverage and limit overall portfolio risk following guardrails from an industry body.

Outstanding microfinance credit expanded in January-March after contracting for seven straight quarters, according to a central bank report, supporting share prices of firms.

That recovery now faces new risks. India is expected to receive below-normal rainfall in July - the peak month of the monsoon season - after experiencing its driest June in 12 years. Poor rainfall hurts crop output and farm incomes, reducing rural households' ability to spend and repay debt. At the same time, higher fuel, fertilizer and food costs linked to the Middle East conflict could keep inflation elevated, adding further strain on low-income borrowers.

Microfinance lenders typically have about 80% of their exposures to rural areas, with 35% of loans linked directly to agriculture, 9% to agriculture-based enterprises and 20% to animal husbandry, Chugh said. While credit quality has improved across most sectors, farming was a laggard and continued to show the highest non-performing loans, the central bank said in its report released in June.

“Macro headwinds, both from the ongoing effect of Middle East crisis and weaker monsoon will fuel inflation and lenders will be cautious towards this sector. If inflation persists, it could further erode borrower repayment capacity and amplify these vulnerabilities,” Chugh said.

Source: Network18 

08/07/26, NIFTY BANK momentum in Rising Channel

 N I F T Y  B A N K

08/07/26, SENSEX momentum in Rising Wedge

 S E N S E X

08/07/26, Share Market Today

The Nifty 50 turned completely into the red in late trade and fell 0.13 percent due to profit booking on July 7 after a four-day rally. This consolidation, accompanied by range-bound trading, is expected to continue for a couple of sessions as traders await India Inc.'s quarterly earnings, although the broader market structure remains healthy. Going ahead, the 24,300-24,200 zone is expected to serve as the immediate support area, followed by 24,000 as a crucial support level. On the upside, the 24,500-24,600 zone is likely to remain the key hurdle for a sharper upmove. Hence, as long as the index trades below 24,500, consolidation may continue, according to experts.

1) Levels For The Nifty50(cmp24,399)

Resistance based on pivot points: 24,496, 24,539, and 24,608

Support based on pivot points: 24,357, 24,314, and 24,244

Special Formation: The Nifty 50 formed a bearish candlestick with upper and lower shadows on the daily timeframe, indicating indecisiveness between bulls and bears. The index slipped below the 200-day EMA after closing above it in the previous session but remained above all other key moving averages. The 10-day EMA crossed above the 100-day EMA after surpassing the 20- and 50-day EMAs in June. The momentum indicators remain on a bullish trajectory, with the RSI at 63.02, while the MACD histogram's green bar expanded for the fourth consecutive session, with the MACD staying above both the signal and zero lines. All this indicates that the broader bullish trend remains intact despite the ongoing consolidation.

2)Levels For The Nifty Bank  (cmp58,201)

Resistance based on pivot points: 58,477, 58,588, and 58,768

Support based on pivot points: 58,117, 58,006, and 57,826

Resistance based on Fibonacci retracement: 59,195, 61,678

Support based on Fibonacci retracement: 57,332, 56,465

Special Formation: The Bank Nifty declined 91 points amid profit booking and formed a red candlestick on the daily timeframe. However, the bulls continue to maintain firm control, with the index trading well above all key moving averages, all of which are trending upward. The 50-day EMA crossed above the 200-day EMA and is on the verge of moving above the 100-day EMA. The RSI remained above the 60 mark at 63.45, while the MACD witnessed a bearish crossover for the first time since May 22, with the histogram turning red. All this indicates that although short-term momentum has weakened slightly, the broader bullish structure remains intact.

3) Nifty Call Options Data:

According to the weekly options data, the 24,500 strike holds the maximum Call open interest (with 81.6 lakh contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 25,000 strike (55.05 lakh contracts) and 24,400 strike (53.12 lakh contracts).

Maximum Call writing was observed at the 24,500 strike, which saw an addition of 49.25 lakh contracts, followed by the 24,400 and 24,600 strikes, which added 33.25 lakh and 24.04 lakh contracts, respectively. There was hardly any Call unwinding seen in the 23,700-25,100 strike band.

4) Nifty Put Option Data:

On the Put side, the maximum Put open interest was seen at the 24,500 strike (with 46.32 lakh contracts), which can act as a key level for the Nifty in the short term. It was followed by the 24,000 strike (46.19 lakh contracts) and the 23,800 strike (35.51 lakh contracts).

The maximum Put writing was placed at the 24,500 strike, which saw an addition of 30.63 lakh contracts, followed by the 24,000 and 23,800 strikes, which added 19.85 lakh and 13.46 lakh contracts, respectively. There was hardly any Put unwinding seen in the 23,700-25,100 strike band.

5) NiftyBank Call Option Data 

According to the monthly options data, the 59,000 strike holds the maximum Call open interest, with 20.17 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 58,000 strike (11.52 lakh contracts) and the 58,500 strike (8.16 lakh contracts).

Maximum Call writing was observed at the 59,000 strike (with the addition of 3.69 lakh contracts), followed by the 58,500 strike (1.09 lakh contracts) and 58,400 strike (50,220 contracts). The maximum Call unwinding was seen at the 58,000 strike, which shed 69,180 contracts, followed by the 57,000 and 59,500 strikes, which shed 26,220 and 20,700 contracts, respectively.

6) NiftyBank Put Options Data:

On the Put side, the maximum Put open interest was seen at the 59,000 strike (with 13.13 lakh contracts), which can act as a key level for the index in the short term. This was followed by the 58,000 strike (12.06 lakh contracts) and the 57,000 strike (6.65 lakh contracts).

The maximum Put writing was placed at the 59,000 strike (which added 3.57 lakh contracts), followed by the 57,500 strike (91,290 contracts) and 58,500 strike (81,210 contracts). The maximum Put unwinding was seen at the 58,000 strike, which shed 50,880 contracts, followed by the 57,800 and 57,900 strikes, which shed 15,060 and 8,190 contracts, respectively

Report by Sunil Shankar MatKar, 

Source: MoneyControl,Network18