Nifty 50- Move towards 25000

On July 23, Indian benchmark indices ended slightly lower after a volatile trading session. 

The Sensex dropped by 73.04 points (0.09%) to 80,429.04, and the Nifty fell by 30.30 points (0.12%) to 24,479.

Nifty Strategies: 24th July 24

- Market sentiment remains unaffected by the budget.

- Reduced gold custom duties could benefit Titan.

- Crude oil prices are down.

- ITC will be a focus stock today as it hit a 52-week high.

- Nifty’s low of 24,074 yesterday is a key level; if it breaks, it may fall further. Consider adding more    trades with a stop loss at 24,074.

Tata Motors is trending upwards; consider buying with a stop loss at 988 and a target of 1030.

For Escorts Kubota, the double bottom formation and positive RSI suggest a good buying opportunity. Consider going long at 4230 in futures with a stop loss at 4098.

On Budget day, markets initially declined but then recovered. GIFT Nifty fell by 60 points, and the India VIX dropped by 17.43%. GNFC, India Cements, and SAIL are banned from F&O trading. The rupee hit record lows, with foreign investors selling and domestic investors buying. Crude oil prices rose, and global markets were mixed. A bullish reversal pattern is expected in the Nifty.

"The overall market sentiment is positive and shows no signs of weakness, but it seems overbought based on several indicators. So, we recommend avoiding aggressive buying," said Rajesh Bhosale, Equity Technical Analyst at Angel One.

GIFT Nifty indicates a negative opening for Dalal Street. Here’s today’s trading setup:

Stocks in the news: L&T, Axis Bank, HUL, Bajaj Finance, and Tata Consumer. Shares of L&T, Axis Bank, Bajaj Finserv, and SBI Life will be in focus as these companies announce their quarterly results today.

Equity markets initially fell due to the capital gains tax hike but later recovered their losses. Bajaj Finance and ICICI Pru Life reported positive profit growth. South Indian Bank is planning a fund-raising initiative, while Torrent Pharma and Tata Consumer are set to announce their financial results.

Cryptocurrency prices on July 23: Bitcoin remains above $67,000, while Avalanche and Polkadot dropped up to 5%.

Top Cryptocurrencies:

- Bitcoin (BTC): Price - 5,488,653 INR, Market Cap - 1,083,079 Cr, 24h Volume - 290,634 Cr

- Ethereum (ETH): Price - 287,689 INR, Market Cap - 3,460,441 Cr, 24h Volume - 187,279 Cr

- Tether (USDT): Price - 83.69 INR, Market Cap - 957,563 Cr, 24h Volume - 500,714 Cr

- BNB (BNB): Price - 48,706 INR, Market Cap - 749,470 Cr, 24h Volume - 5,823 Cr

- Solana (SOL): Price - 14,349 INR, Market Cap - 666,798 Cr, 24h Volume - 33,475 Cr

- USDC (USDC): Price - 83.68 INR, Market Cap - 285,741 Cr, 24h Volume - 78,477 Cr

- Lido Staked Ether (STETH): Price - 287,555 INR, Market Cap - 282,507 Cr, 24h Volume - 663 Cr

- XRP (XRP): Price - 49.97 INR, Market Cap - 279,643 Cr, 24h Volume - 15,592 Cr

On Tuesday, Bitcoin, Solana, and Dogecoin fell by up to 5%, while Ethereum, XRP, and Polygon rose by 1.5%. The total crypto market cap dropped 0.13% to $2.44 trillion. Bitcoin was close to $67,000, with resistance at $68,420. The trading volume of stablecoins hit $67.9 billion. Bitcoin's market cap decreased to $1.321 trillion due to profit-taking and a stronger US dollar.

Budget Highlights – Expert Insight by Mr. Shrikant Chauhan, Head of Equity Research, Kotak Securities:

The budget is thorough and has successfully balanced fiscal responsibility, investment, and growth. In the new tax regime, the standard deduction has increased from Rs. 50,000 to Rs. 75,000, and the NPS contribution for company employees has risen from 10% to 14%, which is positive.

Focusing on job creation and providing incentives to manufacturing units will drive the country's growth. Small-scale initiatives will help boost consumption. Maintaining capital expenditure and reducing fiscal consolidation to 4.90% by FY25 is good for the economy and should lead to positive ratings from agencies.

Although the indexation benefit for the real estate sector has been removed, the tax rate reduction from 20% to 12.50% is favourable. The increases in long-term and short-term capital gains taxes were unexpected, but the market will adapt.

Overall, we are optimistic about the long-term outlook for the Indian economy and capital markets.

How to earn online $Dollars Click here

Become Influencer and Earn 25000 per month -Click here