NIFTY Analysis for 29 July 2019

  • NIFTY closed 11284 last week and this is into totally indecisive mode.
  • Close above 11300 would have been good for bulls whereas anything below 11250 was bears territory.
  • The gains on friday were due to short-covering in the market.
  • But interestingly, the movement was not driven by index high weighs i.e. Reliance, HDFC or HDFC Bank.
  • Reliance on short-term trend looks highly bearish.
  • Anything below 1220 in Reliance is short-opportunities.
  • Pharma sector looks promising for short-term whereas auto sector also looks ready for a drive from here.
  • Main pain for monthly series is at 11500 which means there could be some relief in index.
  • FII were still into selling mode but the their numbers in equity market were outplayed by DII.
  • Stocks to watch for Monday would be RELIANCE, BIOCON and MARUTI.
  • For tomorrow as per nifty analysis, I expect some relief in market a rally up to 11400 cannot be negated as we saw consideration comments from finance minister.
  • Banknifty looks ready for a rally of around 700-800 points from here.
Credit :

Ankit Maheshwari

Ankit is an avid writer with experience of working Investment Banking domain for over 7 years. He has been tracking Indian markets for over 10 years now for educational and learning purpose.

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