• Invest
    Investment Suite
    Stocks
    Mutual Funds
    Future and Options
    IPO
    Exchange Traded Funds
    Commodity
    Stockcase (Stock Baskets)
    Currency
    Non Convertible Debentures
    Sovereign Gold Bond
    Exclusive
    NRI Account
    Private Client Group
    Features
    SipIt
    MTF
    Investment Suite
    Exclusive
    Features
  • Platform
    Product Suite
    Kotak Neo App & Web
    Nest Trading Terminal
    NEO Trade APIs
    Features and Tools
    MTF
    Securities Accepted as Collateral
    Margin Requirements
    Payoff Analyzer
    Calculators
    SIP Calculator
    Lumpsum Calculator
    Brokerage Calculator
    Margin Calculator
    MTF Calculator
    All Calculators
    Product Suite
    Features and Tools
    Calculators
  • Pricing
  • Research
    Research Calls
    Long Term calls
    Short Term calls
    Intraday calls
    Derivatives calls
    Pick of the week
    Top Monthly Picks
    Research Reports
    Fundamental Research Report
    Technical Research Report
    Derivative Research Report
    Research Calls
    Research Reports
  • Market
    Stocks
    Market Movers
    Large Cap
    Mid Cap
    Small Cap
    Indices
    Nifty 50
    Bank Nifty
    FinNifty
    Nifty Midcap India
    VIX
    All Indian Indices
    Mutual Funds
    SBI Mutual Funds
    HDFC Mutual Funds
    Axis Mutual Funds
    ICICI Prudential Mutual Funds
    Nippon India Mutual Funds
    All AMC's
    IPO
    Upcoming IPO
    Current IPO
    Closed IPO
    Recently Listed IPO
    Stocks
    Indices
    Mutual Funds
    IPO
  • Learn
    Resource
    Market Ready
    Kotak Insights
    Infographic
    Podcast
    Webinars
    Youtube Channel
    Quarterly Results
    Investing Guide
    Demat Account
    Trading Account
    Share Market
    Intraday Trading
    IPO
    Mutual Funds
    Commodities
    Currency
    Futures & Options
    Derivatives
    Margin Trading
    Events
    Budget 2024
    Muhurat Trading
    Share Market Holiday
    Market Outlook 2024
    Resource
    Investing Guide
    Events
  • Partner
    Business Associates
    Fund Expert
    Kotak Connect Plus
    Startup connect
  • Support
    FAQs
    Circulars
    Bulletins
    Contact Us
    Forms Download
    Get your Statement
​

Nifty Strategy for 27th July | Nifty Trades Flat, PSU Banks Shine

  •  3m
  • 0•
  • 27 Jul 2023

On Wednesday, the benchmark indices experienced a rally, with the Nifty closing up by 98 points, and the Sensex gaining 351 points.

Almost all major sectoral indices were trading in the green, with the PSU Bank index performing particularly well and gaining over 1.25%.

Check out this short video for detailed market update: Market Ready by Kotak Securities

Today, Indian share markets are trading on a flattish note.

At the time of writing, the BSE Sensex is trading higher by 44 points. Meanwhile, the NSE Nifty is trading up by 37 points.

Among stocks, Bajaj Finserv and Sun Pharma are the top gainers from the Sensex, while Tech Mahindra and M&M are the top losers.

Here’s a rundown of today’s expected market movements…

Nifty Technical Analysis:

Technically, the Nifty index opened with a gap down after a short-term correction but witnessed a morning rally yesterday.

Analysts believe that the index has completed one phase of a pullback rally, and a fresh uptrend rally is possible only after it breaches the level of 19850.

In such a scenario, the index may extend higher towards 19900-19950.

On the other hand, selling pressure is likely to increase below 19700, and the market may retest 19650-19625 levels.

Given the current market structure's volatility, level-based trading would be the ideal strategy for day traders.

The market is at an interesting technical juncture, with upside expected above 19992 and weakness below the level of 19700.

Trading Strategy for Nifty:

For day traders, consider long positions if the Nifty crosses 19850 with targets around 19900-19950 levels.

On the downside, short positions can be considered if the index falls below 19700 with targets near 19650-19625 levels.

Keep a close eye on the key resistance and support levels mentioned.

Bank Nifty Analysis:

The Bank Nifty remains above 45800 levels, which is a positive sign.

However, if it breaks below this level, it could experience a sharp decline towards 45600/45500 levels.

On the upside, if it sustains above 46200, it may continue to rally higher towards 46500 levels.

Nifty IT Index:

If the Nifty IT index falls below 29600 levels, it may slide further towards 29200 or 29000 levels in the near term.

The upside is only expected above the 30000 level.

So, for the Bank Nifty, watch for breakouts above 46200 or below 45800 to initiate trading positions accordingly. In the Nifty IT index, consider short positions if it falls below 29600 and long positions if it crosses above 30000.

Please note that the market remains dynamic, and risk management should be a priority when executing trading strategies.

Stay alert for potential movements in the PSU Banking sector.

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.

Did you enjoy this article?

0 people liked this article.

What could we have done to make this article better?

Read Full Article >
Enjoy Free Demat Account Opening
+91 -

personImage
Enjoy Free Demat Account Opening
+91 -