The Nifty index closed the trading week at 24,500, marking a weekly high of 24,500, close to the resistance zone of 24,500-24,600. Throughout the week, the index fluctuated within a range of 24,100-24,500.
This rally can be considered a pre-budget rally, focusing on manufacturing, infrastructure, export, defense, auto, and fertilizer sectors specifically. The bullish trend was mainly contributed by the FMCG, technology, media, and cement sectors.
This bullish trend may continue if the Nifty spot moves above 24,600, targeting the resistance levels of 25,200-25,300. Market participants are closely watching for sustained trading above 24,600 to confirm further upward momentum, with immediate support at the 24,000-24200 level. Notably, individual stocks within the Nifty continue to show signs of bullish sentiment, contributing to overall market optimism.
Intraday trading tips for Monday
Looking ahead, key support levels are identified at 24,000-24,250, indicating crucial areas where buying interest may emerge if the index retraces. On the upside, resistance is expected around 24,600, which could serve as barriers to further advances.
Conversely, the Bank Nifty also experienced a sideways start to the week but managed to sustain bullish momentum throughout subsequent trading sessions, closing above its weekly low of 52,000. The index found support around 52,000, with resistance noted at 53,500. As long as support levels hold above 51,500, the bullish outlook for Bank Nifty remains intact with the resistance at 54500-55000 marks.
In summary, both the Nifty and Bank Nifty indicates a clear bias towards bullish sentiment on the major indices. Investors are advised to monitor key support and resistance levels closely as they navigate potential trading opportunities in the upcoming sessions.
Stocks to buy on Monday
Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi recommends three stocks to buy on Monday, July 15.
Buy Larsen and Toubro at ₹3650.. Stoploss… ₹3900 Target.. ₹3500
Buy LIC Housing Finance at ₹780 Stoploss.… ₹850…Target… ₹745
Buy Indus Tower at ₹392 Stoploss ₹420 target ₹420
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.