Trade Setup for July 11: Nifty’s Strength Tested at 24,000 Support
The Nifty experienced its biggest drop in a single day since June 4, the Lok Sabha election results day. Despite the initial concern, the drop was only 0.5%. Over the past 24 trading sessions, excluding Wednesday, the Nifty has only seen declines in six, with the largest being 0.3% on June 21. Wednesday’s dip followed a new high of 24,461, highlighting the market’s “buy-the-dip” trend.
Key Focus:
– TCS kicks off earnings season for Nifty 50 on Thursday
– Weekly options expiry for Nifty 50 contracts on Thursday
– Near-term uptrend of Nifty intact, but profit booking seen between 24,400 – 24,500 levels
Technical Analysis:
– Nifty faces short-term hurdle at 24,461, with strong support at 24,150
– Nifty Bank declines in three of the last four sessions, immediate downside support at 51,990
F&O Cues:
– Fresh long positions observed in Pidilite, Muthoot Finance, Godrej Consumer, NTPC, Zydus Life
– Fresh shorts seen in M&M, Hindustan Copper, Shriram Finance, Tata Steel, Infosys
– Short covering witnessed in Bata India, Balrampur Chini, JK Cement, Can Fin Homes, India Cement
– Unwinding of long positions in IEX, Chambal Fertilisers, GNFC, Mphasis, Balkrishna Industries
Overall, the market remains cautiously optimistic as investors await triggers for further direction. Keep a close watch on the 24,000 support level for the Nifty and the 51,990 support level for the Nifty Bank. Market participants are gearing up for potential volatility as the week progresses.
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