Analysis & Key Levels for July 23, 2021

Analysis for July 23, 2021

  1. Today was a Bullish day with Nifty up by 1.23%. The closing price was near the day’s high indicating strength.

  2. Yesterday, I had mentioned that if price gaps up and stays above 15700, there could be a quick move upwards. As expected, the shorts had to cover their positions and it resulted in a rally.

  3. Remember, last week Nifty Futures closed at 15938. Now that price has bounced back, that will be the next critical level to watch out for.

  4. India VIX is down by 10% today. It was below 12 last week, shot up above 13 during the first half of this week, and now again below 12 today. It is near its all-time lows.
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  5. About 80% of the Stocks were up today as indicated by the broad market indices.
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  6. METAL, IT & REALTY were the best performers today. REALTY Stocks have been doing well in the last month.

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  7. Hindustan Lever released Q1 results today and profit has missed estimates. The stock was down 2.3% and dragged the FMCG index down.

  8. Paint stocks saw significant selling despite a Bullish day. Overall Paints sub-sector index was down by 1.45%.

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  9. The US market is slightly trading in the negative after Unemployment-Claims data. But, overall the world markets are back to normal after Monday Mayhem.

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  10. FIIs sold for 248 Crores and the DIIs bought for 943 Crores. Seems like the DIIs want to support the market till they launch the LIC IPO. Haha.

  11. Although FIIs have reduced their short positions on the Index today, they still hold more short positions (54.6%) than long positions (45.4%).

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  12. With respect to Open Interest, CALLS were closed at 15700 and PUTS were added at both 15700 and 15800 indicating 15700 could act as immediate support. This was expected as the market gave a gap up opening and price sustained above 15700.

  13. We are heading on to the Monthly Expiry and the overall Open Interest Build up suggests that there is resistance at 16000 and support at 15500. Market tested the lower end on Tuesday. It could test the upper-end tomorrow or the coming week.

  14. Remember, Nifty Futures has closed below 15700 only once in the last month in the Daily Timeframe. Also, Nifty Futures has not closed below 15450 in the last 8 weeks.

With this, we head on to the key levels for tomorrow.


Key Levels for Nifty Futures July 23, 2021

  • Bulls to stay in control above 15829. Targets on the upside are 15847, 15872, 15893, 15932

  • Bears to regain control below 15795. Targets on the downside are 15770, 15742 & 15711.

Note: The levels are based on Nifty Futures chart. Click here to see how to use the Key Levels.


Nifty Futures Chart (5-minute Timeframe)

All these data points are available in the Finvezto App. Check out the App here.

If you are looking for Banknifty, Reliance & Infosys Key Levels, please check here.


What is your market view for July 23, 2021 with respect to Nifty?

  • Bullish
  • Moderately Bullish
  • Sideways
  • Moderately Bearish
  • Bearish

0 voters

1 Like

Dear Sir, Please to add the index Futures open interest data and view

4 Likes

@chella Sure. Noted.

2 Likes

Hollo sir NIFTY REALITY ல என்ன என்ன ஸ்டாக் இருக்குன்னு எப்படி பாக்குறது.

1 Like

Will add soon in the App. For now, you can check it here. https://www1.nseindia.com/live_market/dynaContent/live_watch/equities_stock_watch.htm?cat=CR

1 Like

Bank nifty யைப் பற்றியும் கொஞ்சம் சொல்லுங்கள். Bank nifty level,

1 Like

Bro bank nifty stock weightage and it’s movement like HDFC BANK 25%WEIGHT ICICI BANK 15% KOTAK AXIS SBI INDUSIND HOLDS WEIGHTAGE OF 12.5%AS PER MAY END NSE DATA AND GIVE SOME INSIGHTS ON BANK NIFTY BASED THEIR MOVEMENT FROM 100DMA OF HDFC BANK CAN GIVE 1440 TO 1480 WILL GIVE 500 POINTS IN BANK NIFTY ICICI BANK 1POINT UP MOVE IS EQUAL TO 6 POINTS

1 Like