Table of Contents
Daily Market Outlook – July 15, 2024
Bulletin Highlights of Daily Market
- Sensex and Nifty 50 are likely to open higher, following positive cues from GIFT Nifty trading at 24,600.
- After a muted session, bulls returned on Dalal Street, with benchmarks hitting fresh record highs on July 12, driven by IT stocks after TCS’ Q1 earnings met expectations.
- At the close of July 12, Sensex was up 622 points (0.78%) at 80,519.34, and Nifty was up 186.20 points (0.77%) at 24,502.20.
- Asian markets are mostly lower in early trading on Monday.
- US markets closed higher on Friday, with S&P 500, Nasdaq, and Dow Jones reaching record highs on expectations of a Federal Reserve interest rate cut in September. For the week, S&P 500 rose 0.9%, Nasdaq added 0.2%, and Dow increased by 1.6%.
- The dollar index is trading marginally higher, while Asian currencies are trading lower against the US dollar.
- Gold and silver prices are marginally down in early trade.
- Crude oil prices have slipped in early Asian trading hours, with Brent Crude down nearly 0.5%.
- LME commodities are mostly up, with Copper gaining nearly 1%.
- Securities in ban period: Aditya Birla Fashion and Retail, Balrampur Chini Mills, Bandhan Bank, Chambal Fertilisers & Chemicals, GMR Airports Infrastructure, GNFC, IEX, India Cements, Indus Tower, Piramal Enterprises, and RBL Bank.
Nifty Daily Market Analysis
- New All-Time High: Nifty closed above 24,500 for the first time on July 12.
- Immediate support is at 24,350-24,400, resistance at 24,650-24,750, with potential testing of 24,950.
- If the index sustains above 24,400, it may move towards 24,800, with support at 24,300.
- Formed a bullish candlestick pattern with above-average volumes and a higher top-higher bottom formation.
Bank Nifty Daily Market Analysis
- Immediate support is at 52,000, aligned with the 20-Day Moving Average.
- Weakness may persist if Nifty Bank sustains below 51,900, with a move above 52,530 potentially triggering a rebound towards 53,000 – 53,200.
- Holding 52,000 – 51,800 could lead to a pullback towards 52,500; failure to hold 51,800 may lead to a decline towards 51,300 – 51,000.
- Found support from the rising trendline; critical support level at 51,800.
- Eight-week winning streak came to an end.
Nifty Call Options Data
- Key Resistance Level: 25,000 strike (68.86 lakh contracts).
- Maximum Call Writing: 25,500 strike (24.32 lakh contracts).
- Call Unwinding: 24,200 strike (7.28 lakh contracts).
Nifty Put Options Data
- Key Support Level: 24,000 strike (52.36 lakh contracts).
- Maximum Put Writing: 24,400 strike (33.84 lakh contracts).
- Put Unwinding: 23,200 strike (63,925 contracts).
Conclusion Daily Market
The market is poised for a positive opening, influenced by strong cues from GIFT Nifty and positive sentiment from recent record highs. The bullish momentum, driven by IT stocks following TCS’ favorable earnings, indicates robust investor confidence. However, the mixed performance in Asian markets and slight declines in gold, silver, and crude oil prices suggest cautious optimism.
For Nifty, the new all-time high above 24,500 and the bullish candlestick pattern signify potential for further gains, with key resistance levels at 24,650-24,750 and 24,950. Support levels at 24,350-24,400 and 24,300 should be closely monitored. Sustaining above 24,400 could drive Nifty towards 24,800.
Bank Nifty shows immediate support at 52,000, with the critical level at 51,800. A rebound towards 53,000 – 53,200 is possible if the index holds above these levels. However, weakness below 51,900 could lead to further declines.
Options data highlights significant resistance at the 25,000 strike and strong support at the 24,000 strike, with notable activity at the 24,400 strike indicating investor positioning.
Overall, the market sentiment remains positive with bullish trends, but cautious observation of key support and resistance levels is essential for informed trading decisions.
Must Read – Top 5 Best Indicators for Options Trading in India
Disclaimer:
The information provided in this blog post is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy or sell any securities. Always do your own research and consult with a qualified financial advisor before making investment decisions.
FAQ Daily Market
What are today’s market outlook highlights?
- Sensex and Nifty 50 are expected to open higher.
What were the closing levels of Sensex and Nifty on July 12?
- Sensex closed at 80,519.34, and Nifty closed at 24,502.20.
What is the immediate support level for Nifty?
- The immediate support level is at 24,350-24,400.
What is the immediate resistance level for Nifty?
- The immediate resistance level is at 24,650-24,750.
Which stocks are in the ban period?
- Stocks in the ban period include Aditya Birla Fashion and Retail, Balrampur Chini Mills, Bandhan Bank, Chambal Fertilisers & Chemicals, GMR Airports Infrastructure, GNFC, IEX, India Cements, Indus Tower, Piramal Enterprises, and RBL Bank.
How did the US markets close on Friday?
- The US markets closed higher, with the S&P 500, Nasdaq, and Dow Jones reaching record highs.
What are the key support and resistance levels for Bank Nifty?
- The support level is at 52,000, and the resistance level is at 52,530.
What is the key resistance level for Nifty Call Options?
- The key resistance level is at the 25,000 strike.
What is the key support level for Nifty Put Options?
- The key support level is at the 24,000 strike.
How are crude oil prices performing in early Asian trading?
- Crude oil prices are down, with Brent Crude nearly 0.5% lower.
