Indian equity benchmarks logged gains for the sixth consecutive week with Sensex closing 3 percent higher while the Nifty50 rose 2.6 percent for the week that ended on July 24. Better-than-expected corporate earnings, reports of potential vaccine developments, and massive stimulus package announced by the EU underpinned market sentiment.
However, rising tensions between the US and China and surging COVID-19 cases in India and the US remain points of worries for the market. On July 24, The Sensex ended 12 points, or 0.03 percent, lower at 38,128.90 and the Nifty closed 21 points, or 0.19 percent, down at 11,194.15.
According to pivot charts, the key support level for the Nifty is placed at 11,114.53, followed by 11,034.87. If the index moves up, the key resistance levels to watch out for are 11,249.63 and 11,305.07. The Nifty Bank index ended 1.83 percent down at 22,662.05 on July 24. The important pivot level, which will act as crucial support for the index, is placed at 22,434.83, followed by 22,207.57. On the upside, key resistance levels are placed at 22,871.73 and 23,081.37.
Nifty – Maximum call OI of 38.62 lakh contracts was seen at 11,500 strike, which will act as crucial resistance in the July series. Maximum put OI of 43.68 lakh contracts was seen at 11,000 strike, which will act as crucial support in the July series.
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