Nifty Outlook for 19 July 2023

Nifty started the day on a positive note in Tuesday’s session and surpassed 19800 mark. However, the markets cooled off from the highs and consolidated in a range throughout the day to end around 19750 with marginal gains.

Nifty Today:

Index consolidated in a range in Tuesday’s session post testing the 19800 mark. The broader trend for the market remains positive, but the options data hints at resistance around the 19800 mark as the 19800 call option of the coming weekly expiry has highest open interest. On the other side, 19600 is the immediate support and we may some consolidation in the range in coming session as well. However, there are no signs of any change in trend and hence traders should continue to trade with a positive bias and look for stock specific buying opportunities. Post the sharp run up on Monday, the Bank Nifty index opened on a positive note but it gave up the opening gains towards the end. The Bank Nifty index has managed to find support around its 20 DEMA which is now placed around 44700. Thus, till the key supports remain intact in the key indices, one should continue to stay with the trend.

      Market trend remains intact; stock specific momentum continues

Above 19800, Nifty could then rally towards the new milestone of 20000 first and then towards 20150 which is the retracement level of the previous corrective phase. 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

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