Nifty Update: Range-Bound Action Continues, IT Stocks Shine

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  • 14 Jul 2023

The benchmark indices saw selling pressure at higher levels on Thursday, with the Nifty closing up 29 points while the Sensex closed up 165 points.

Among sectors, IT and digital indices were top gainers, while the PSU Bank index declined over 2 per cent.

Today, the Sensex is currently trading up by 75 points or 0.1%, while the Nifty is trading at 19,439 levels - up 25 points or 0.1%.

Among stocks, HCL Technologies and Infosys are the top gainers from the Sensex, while Power Grid Corporation is the top loser.

As we delve into the technical analysis, we believe that the current market structure is non-directional and if the market continues to form an eventual diagonal triangle it will attract more volatility in a wider trading range.

Contra trades will do more work than break-out trades. . And for today’s trade, traders are awaiting a breakout for market direction.

Here’s a rundown of expected market movements…

Nifty Analysis:

Resistance: 19,570 Support: 19,350

Trading Strategy for Nifty:

On the upside, the market can gradually move towards 19600-19625 levels.

On the other hand, selling pressure is likely to increase below 19350, which may send the index to retest the 19300-19250 levels.

Bank Nifty Analysis:

The Bank Nifty remains in a trading range of 45,000 and 44,500 levels.

It’s an important week for the Bank Nifty and Finance Nifty after adjusting for the merger between the HDFC twins.

Nifty IT Index:

The Nifty IT needs a break of 30,200 to generate further momentum. Trade wisely and stay ahead of the market!

See you tomorrow!

Kotak Securities

Disclaimer: The information provided in this article is based on technical analysis and does not constitute financial advice. Traders should exercise their own judgement and consult with financial professionals before making any investment decisions.

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