NIFTY Analysis for 22 July 2019 – Range Bound Expectation

  • On friday, there was an all-around sell in the market. NIFTY loss over 200 points from day high (Day high was 11640 and close was 11419.
  • If we see overall, there was huge sell-off seen from FII. Below are the number of FII for 19 July:

    Equity : -950.15 Crore
    Index Future : -1058.68 Crore
    Index Option : -1029.88 Crore
    Stock Future : – 75.42 Crore
    Stock Option : -150.06 Crore
  • So overall sentiments of market are highly on negative side.
  • MaxPain level for Nifty is 11500.
  • Put-Call Ratio is 0.82.
  • Reliance closed below important level of 1249. If it sustains below 1250 for 15 mins, high chances of getting 1100 level.
  • At the same time, their results have beaten estimates. Market analysts were expecting -7% YoY due to which Reliance was getting weak in some previous sessions. But the profits were reported at +7%.
  • So Reliance is a sigh of hope for market tomorrow.
  • HDFCBANK results met expectations of market.
  • So if HDFC twins and Reliance are able to sustain, markets will slow down and consolidate. But if they are start falling, carnage can be expected (but that is very unlikely as it is expiry week).
  • We haven’t been following the trends shown by SGXNifty since sometime now, hence I don’t see them as an indicator for short-term now.
  • Overall, I feel 11300 levels won’t be broken this easy.
  • I am expecting NIFTY futures to trade between range of 11350 to 11550.
  • BankNifty looks more negative to me than Nifty at these level as AxisBank is also at make-or-break level.
  • On twitter and other social platforms including telegram have re-seen the messages of 9000 level on NIFTY but I think 11000 levels should hold good atleast until the end of 2019.

Hope this would stand agreed and help the retailers. Let us know what you think about the analysis.


Ankit Maheshwari

Ankit is an avid writer with experience of working Investment Banking domain for over 7 years. He has been tracking Indian markets for over 10 years now for educational and learning purpose.

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