Nifty's immediate support at 15700 - Rahul Sharma - Equity99

Nifty on Tuesday had a dull start with opening down another day for the week, during the complete session we witnessed huge volatility in the indices with Nifty making high of 15881 & low of 15701.

Similarly Bank Nifty with continued weakness low of 34713 & highs of 35186.

The Sectors which increased the pressure to the major indices includes Nifty Pharma with biggest looser of the day falling by more than 5 % in a single day at Nifty Pharma index followed by Nifty Energy & Nifty Realty which witnessed profit booking after a sharp run up.

The major contributor for this was Dr. Reddy's which announced poor results for Q1 FY22 which created pressure to overall Nifty Pharma stocks and Market as well.

Nifty Metal on the other side maintained bullish stance by gaining almost 1.46% today, with HINDALCO & TATA STEEL contributing major portion.

Nifty PSU Banks was the second contributor on bullish side, where both UCO & CANARA bank posted good earning numbers and remained top gainers in the index as well. SBI also remained action with anticipation of the good results for Q1 FY22.

For 28th July, Nifty has a strong immediate support at 15700 followed by 15650 & 15550 on the down side & Resistance is placed at 15800- 15850-15950.

BANKS, METALS, SUGAR & CEMENT segment will remain bullish while PHARMA, REALTY & AUTO will remain in focus.

Source : Equity Bulls

Keywords