Nifty Outlook for 28 July 2023

Nifty started the expiry day on a positive note around 19850 as the outcome of the FED meeting was much on expected lines. However, the index witnessed correction from the highs and breached some important intraday levels to end below 19700 with loss of over half a percent.

Nifty Today:

The FED meeting outcome was much on the expected lines and as the global markets did not react negatively to that, our market started on a positive note. However, the index witnessed selling pressure around the 61.8 percent retracement of the correction from 19990 to 19615 which was placed around 19850. Further, option writers has started building aggressive positions in call options of both Nifty an Bank Nifty index and hence, the indices witnessed correction as the day progressed. Now the index has support around 19600 followed by the 20 DEMA which is placed around 19500. In case these supports hold, then we could see a resumption of the uptrend in the near term and hence, short term traders can look for buying opportunities. On the higher side, 19800-19850 is the immediate resistance for Nifty, above which the index would then attempt rally towards 20000 and 20150. 

      Nifty traded under pressure on expiry day; approaching crucial supports

The Midcap cap index shows no signs of reversal and thus, the uptrend in the broader market remains intact.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

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