Trade Setup For July 23: Nifty Finds Strong Support At 24,900
The NSE Nifty 50 ended 0.12% lower at 25,060.9, while the BSE Sensex closed 0.02% down at 82,186.81.
The consolidation of the NSE Nifty 50 may continue in the coming days as the index is not showing any signs of a breakout from the current trading zone, according to Rupak De, senior technical analyst at LKP Securities.
"On the lower end, 24,900 continues to act as strong support, while resistance is placed at 25,260, a breakout above which could lead to increased strength in the market." he said.
The market continues to lack clear direction due to mixed earnings announcements and muted global cues, said Ajit Mishra, senior vice president of research at Religare Broking Ltd.
Mishra maintains a cautious stance until the Nifty decisively reclaims the 25,250 mark and provides an immediate support at 24,900.
"Traders should adopt a hedged approach and focus on fundamentally strong counters, with an emphasis on earnings performance." Mishra added.
Market Recap
India's benchmark equity indices ended the session on a flat note on Tuesday as shares of Reliance Industries Ltd. and Infosys Ltd. weighed.
The NSE Nifty 50 ended 29.8 points or 0.12% lower at 25,060.9, while the BSE Sensex closed 13.53 points or 0.02% down at 82,186.81.
Currency Update
The Indian rupee opened 4 paise stronger against the US Dollar, trading at 86.25, compared to Monday's close of 86.29.
The strong open came after fourth consecutive session of rupee weakness against the US Dollar, which is indicative of an uncertain global market scenario that is playing out.
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