Analysis & Key Levels for July 29, 2021

  1. We witnessed how powerful the 15700 level is in Nifty Futures. There was a 250 point fall in Nifty Futures and it went as low as 15510. But still recovered to close above 15700.

  2. Last week (20th July) we witnessed something similar. Nifty went down in early trade to test 15550 levels and then bounced back the same day. Today was another reversal day.

  3. Nifty Futures has now formed a double bottom at 15500 to 15550 levels with a close above 15700 in the last 8 weeks. We cannot conclude anything with this. But, just that it tilts me towards a slightly bullish view.

  4. India VIX went above 15 at one point during the day. But, it settled down at 13.69.

  5. The Nifty Next 50 ended in green. Nifty 50 and Nifty Midcap ended in green. Nifty Next 50 has been doing well over the last few days.

  6. PSU Banks and Auto stocks were the worst hit. METAL Stocks continue their good run.

  7. The European markets have closed in green and the US markets are mixed. NASDAQ has bounced back. SGX Nifty is also trading in green.

  8. FIIs sold for another 2275 crores today. They have sold every single day in the last 10 trading days for an amount of 13000 Crores. They are booking profits around 15800-15900 levels. Even today, Nifty Futures opened at 15779 and the downfall started from there. FIIs have increased their short positions on the Index too.

  9. With respect to Open Interest, there is a huge CALL buildup at 15800, 15900, and 16000. It is unlikely for the price to shoot up beyond 15800 based on the current build-up. CALLs were added at 15600 and 15700. PUTS were closed at 15700 and 15800. This again suggests that the market is unlikely to move above 15800.

  10. Tomorrow is the Monthly expiry. We already saw volatility today. As we already mentioned, today was a reversal day. In the last year, most reversal days have fallen on Wednesdays for some reason. Anyways, we are always prepared with the Key Levels to understand any market scenario.

Key Levels for Nifty Futures

  • Bulls to control above 15680. Targets on the upside are 15704, 15734, 15759.

  • Bears to control below 15632. Targets on the downside are 15612, 15578 & 15544.

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 29, 2021 with respect to Nifty?

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

0 voters

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I started learning from Finvezto since Jan 2021. We can consistently make profit if we trade with his key levels ( discipline must ). Thanks Anand.

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