Indian stock market: Indian benchmark equity indices – Sensex and Nifty – edged higher after a muted opening on Monday, July 21, buoyed by stronger-than-expected Q1 results from major players like HDFC Bank, ICICI Bank, and Reliance Industries, which helped ease worries over global trade.
By around 10 am, the BSE Sensex had gained 320 points, or 0.39 per cent, reaching 82,078, while the Nifty 50 advanced 77 points, or 0.29 per cent, to 25,043.
On Friday, the Indian stock market wrapped up the week on a negative note, with the Nifty falling below the key 25,000 level. The Sensex declined by 501.51 points to settle at 81,757.73, while the Nifty dropped 143.05 points to close at 24,968.40.
Global cues remained uncertain due to rising crude oil prices amid disruptions in Iraq and unclear signals regarding the U.S. Fed’s rate stance, fueling inflationary concerns for oil-importing countries like India.
Key technical levels to watch out this week –
Nifty 50
According to Mandar Bhojane, Senior Technical & Derivative Analyst – Research at Choice Equity Broking Private Limited, the Nifty has now entered a crucial demand zone between 25,000 and 24,770, which is expected to act as immediate support.
“ Any bullish reversal from this zone could lead to a fresh rally towards 26,000 and 26,400 levels in the coming weeks. Despite the price correction, falling volume suggests that the decline lacks aggressive selling pressure, which indicates that overall trend structure remains bullish. However, RSI at 56.53 is trending downward, reflecting short-term weakness and the need for a reversal signal before any fresh long positions are initiated,” Bhojane said.
Support Levels: 24900-24800
Resistance Levels: 25200-25500
Bank Nifty
Bank Nifty turned positive on Monday, July 21, rose less than a per cent or 504.80 points, touching 56,787.80. Last week, the Bank Nifty index closed at 56,283, registering a 0.83% decline from the previous week’s close.
“ On the weekly timeframe, Bank Nifty is trading above all its key moving averages—including the short-term 20-day, medium-term 50-day, and long-term 200-day Exponential Moving Averages (EMA)—indicating an overall uptrend. However, the sustained selling pressure at higher levels and the inability to hold above the crucial 57,000 mark suggest that the index is entering a consolidation phase. Key downside support is seen in the 56,000–55,500 zone. The Relative Strength Index (RSI) stands at 61.16 with a negative crossover, signaling a sideways to mildly bearish bias. This consolidation phase could result in either a time-wise or price-wise correction as the index awaits fresh triggers for its next directional move,” Bhojane added.
He further said that the Bank Nifty index is likely to face significant resistance in the 56,500–57,000 range. If the index continues to move higher, ICICI Bank from the private banking sector is expected to support the uptrend. Similarly, in the public sector banking space, SBIN is anticipated to show strength and contribute to any potential upside.
Bias– Sideways to Bearish
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
