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Market Overview and Early Indicators -
GIFT Nifty signals a bearish opening, with US markets remaining steady while Asian markets show a downward trend.
US Market Recap
The S&P 500 ended slightly higher after a volatile Monday as investors awaited major tech earnings, a Federal Reserve decision on interest rates, and important US labor data later this week. The Dow Jones Industrial Average fell 49.41 points, or 0.12%, to close at 40,539.93. Meanwhile, the S&P 500 gained 4.44 points, or 0.08%, reaching 5,463.54, and the Nasdaq Composite rose 12.32 points, or 0.07%, to 17,370.20.
New Record Highs for Indian Indices
On July 29, the Nifty50 and BSE Sensex reached new all-time highs, with the Nifty50 hitting 24,999.75 and the Sensex reaching 81,908.43.
Top Gainers and Losers in Nifty
The leading gainers in the Nifty index included Divis Labs, L&T, BPCL, Bajaj Finserv, and M&M. On the other hand, the top losers were Titan Company, Bharti Airtel, Cipla, ITC, and Tata Consumer Products.
Nifty 50 Support and Resistance Levels
The Nifty 50 is likely to find strong support between 24,600 and 24,500. If the index remains above 24,800 in the next sessions, it could consolidate. In that case, the 25,000-25,200 range will be key to watch for potential gains.
Nifty 50 Daily Performance and Technical Outlook
Starting the week on a strong note, the market neared the 25,000 mark but then lost momentum and finished flat on July 29. The benchmark indices still managed to set a new closing high, with the Nifty 50 ending at 24,836.10, a slight increase of 1.25 points. The 24,600-24,500 range is anticipated to serve as a key support zone. According to experts, if the index remains above 24,800 in the coming sessions, it might enter a consolidation phase. Should this occur, the 25,000-25,200 range will be a critical level to watch for potential gains.
Resistance and Support Levels for Nifty 50
The resistance levels based on pivot points are at 24,857, 25,009, and 25,095. The support levels according to pivot points are 24,784, 24,731, and 24,645.
Nifty 50 Technical Indicators
The Nifty 50 has created a bearish candlestick pattern on the daily charts with higher-than-usual trading volumes. The RSI shows a negative divergence, but the index has continued its trend of higher highs and higher lows for another day. This suggests that the market might be in a consolidation phase.
Nifty Put-Call Ratio Analysis
On July 29, the Nifty Put-Call ratio (PCR), which shows market sentiment, dropped to 1.14 from 1.36 in the previous session. A higher PCR, above 0.7 or over 1, suggests that traders are buying more Put options than Call options, indicating a bullish market sentiment. Conversely, if the ratio falls below 0.7 or approaches 0.5, it means more Call options are being sold compared to Put options, signaling a bearish market mood.
Bank Nifty Support and Resistance Levels
Based on pivot points, the resistance levels of Bank Nifty are at 51,512, 52,357, and 52,798. For support, the levels are 51,204, 50,932, and 50,491. According to Fibonacci retracement, the resistance points are 51,888 and 52,234. The support levels according to Fibonacci retracement are 50,567 and 49,714.
Bank Nifty Daily Performance and Trend Analysis
The Bank Nifty fell more than 900 points from its high of the day but ended 110 points higher at 51,406. It formed a bearish candlestick pattern with a long upper shadow, similar to a Shooting Star, on the daily charts, suggesting a possible trend reversal. However, if the index stays above 51,000, which is also the 50-day EMA, it may continue to consolidate. Resistance could appear around the 52,000-52,300 range.
Volatility and Market Sentiment
Volatility regained all its losses from the previous day but failed to rise above the key moving averages, which is a good sign for bulls. The India VIX increased by 5.7% to 12.95, up from 12.25.
Fin-Nifty Expiry Level
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