Nifty Outlook for 25 July 2023

Nifty Outlook for 25 July 2023
Nifty Outlook for 25 July 2023

by Ruchit Jain Last Updated: Aug 09, 2023 - 05:00 pm 531 Views

Nifty consolidated within a range in Monday’s session, but it witnessed some correction in the last hour to end the day below 19700 with a loss of over one-third of a percent.

Nifty Today:

Nifty has seen some retracement in last couple of trading sessions as the momentum readings were in overbought zone, and a disappointment in quarterly results of certain index heavyweights led to some pullback move in the index. The RSI oscillator has given a negative crossover in the overbought zone, and hence the index could continue to see some price-wise or a time-wise corrective phase before resuming the uptrend. Nifty has done with minimum retracements which we usually see in a trended phase which is placed around 19670. If the index sustains below this, then the next retracement support is placed around 19500-19450 range. We believe the index should form a support base around either of these supports and consolidate for a while. However, the primary trend continues to be positive and hence, traders should continue with a buy on dip approach. In this week, market participants would be eyeing a couple of events such as the U.S. Fed policy on Wednesday evening and monthly expiry on Thursday. Any declines towards the above mentioned lower range should be used as buying opportunity. 

      Nifty retraces from overbought zone ahead of key events

Nifty Outlook - 24 July 2023

On the higher side, immediate resistance is seen around 19800 as there’s significant open interest seen at call options of this strike. A move above 19800-19850 will then lead to a resumption of the momentum.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:


Nifty Levels

Bank Nifty Levels

           FINNIFTY Levels

Support 1




Support 2




Resistance 1




Resistance 2




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About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.


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