Weekly Market Outlook for 24 July to 28 July

Weekly Market Outlook for 21 July to 24 July
Weekly Market Outlook for 24 July to 28 July

by Ruchit Jain Last Updated: Aug 09, 2023 - 05:00 pm 646 Views

The week gone by was full of action as the Nifty rallied higher to almost test the milestone of 20000 (high made 19991) on the weekly expiry day. However, the results from the IT giant INFY dampened the sentiment and the index witnessed a sharp cut of over 200 points on the last day of the week to end below 19750, registering weekly gains of less than a percent.

Nifty Today:

Our markets trended higher for most part of the week before retracing some of the gains in Friday’s session. Such moves are often seen when index heavyweights declare their quarterly results. However, the broader markets did not witness any sell-off which hints at a continuation of the positive sentiment in the market. Hence, this downmove should just be seen as a corrective phase within an uptrend and once the market finds support base and forms a higher bottom, it should then resume the uptrend. Now as far as data is concerned, FII’s continued to buy in the cash segment and have been on the long side in the index futures segment which is a positive sign. The retracement supports of the recent upmove are placed around 19670 and 19480 while the 20 DEMA support is placed around 19420. Thus, for the coming week 19670-19650 will be seen as the first support followed by next support range at 19470-19420. Depending on market movement, the index should from a support base in either of these support range in the monthly expiry week. On the flipside, the resistance for Nifty is seen around 20000 followed by 20150 which is the retracement level of the previous corrective phase. 

      IT space applied brakes to ongoing momentum; overall uptrend remains intact

Nifty Outlook - 24 July 2023

Since there are no signs of reversal, traders should continue to look for stock specific buying opportunities while keep a buy on dip approach in the index. 

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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