NiftyFuture last close: 11170
Bulls have an upper hand & controlled in four out of five sessions
NiftyFuture has closed above 11200 mark on Thursday and first time since in March 5
Nifty has rose 2.65% for the week ended July 24 and Sensex gained 3%. Nifty50 has closed in the green for the sixth consecutive week.
In mean time Smallcap index gained 1.4% and Midcap index added 1.2%
On last week, NF was made a high weekly high of 11228 and low of 10805 (flashed) but actual low was around 11120.
On last week NiftyFuture was gained 265 points and Reliance only one stock was contributed 233 points to lift Nifty for up side. Suppose if removed Reliance points now Nifty @ 10930 only.
Icicibank announced strong earnings report. Profit at Rs 2599.1 crore and growth of 36% YoY. NII increased by 20% to Rs 9280 crore and mainly NPA declined 18 bps QoQ to 1.23%
On last week HDFCBank and Axisbank was given good earnings report
Negative news – Covid-19 cases around in 14 lakh, Recovered 8.8 lakh and Active cases are 4.6 lakh which includes 33000 deaths. US-China tensions increasing day by day
Positive news- Front line stocks given strong earnings reports and was seen FIIs strong buying in July month.
FII net purchased 3801 crore in July month so far whereas DII net sold 7562 crore
In coming week Kotakbank, Maruti, Drreddy, Bhartiartl Ultracemco, Marico, Dabur, Hdfc, Colpal, Reliance and IOC will be announcing earnings numbers.
Reliance will be declaring earning report on July 30. The stock already rallied 50% in last two months as Reliance became net debt free stock.
NiftyFuture trend decider for the 5th week of July 11060 and 11230
In the coming week will be very interesting, schedule of f&o July expiry with the on-going earnings season. Hence the volatility would be very high.
NiftyFuture has formed bullish candle in last two sessions. On last Friday NF opened at lower and closed at higher….. Clearly shown its bullish trend
NiftyFuture is facing a weekly resistance at 11230. Once if breaks and manages above the level
Bulls will be dominating and short covering also expected up to 11300, 11360 and 11450- 11525. Another major resistance around 11500.
There is a possibility of minor correction will be expected once if reached 11400-11500. So stay caution at higher levels!!
NF can be considering a weekly support at 11060. Suppose if breaks and manages below the level
Expecting some profit booking up to 11000, 10930 and 10800.
Market was seems bullish only if comes 2nd and 3rd support zone can buy!!
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Updated: 08.54 am / 26th July 2020
