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Index Outlook For 17th July 20

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Our benchmark indices Nifty booked healthy gains on July 16 despite weak global cues and rising coronavirus infection in India and the world.

Gains in the market were led by IT heavyweight Infosys, In terms of index contribution, Infosys remained at the top among the stocks that lifted Our index, followed by HDFC Bank and Kotak Mahindra Bank

The Nifty settled 122 points, or 1.15 percent, higher at 10,739.95.

The market will continue to take cues from the global peers in the absence of any major domestic trigger.

While the mood in the global markets continues to remain buoyant, the rising number of cases in the US and India would remain a key cause of concern. Besides, the earnings announcements will further induce stock-specific volatility

Nifty Future Intraday Level

Resistance 1 – 10722
Resistance 2 – 10736
Resistance 3 – 10762

Support 1 – 10678
Support 2 – 10654
Support 3 – 10628

Bank Nifty Future Intraday Level

Resistance 1 – 21642
Resistance 2 – 21750
Resistance 3 – 21878

Support 1 – 21343
Support 2 – 21240
Support 3 – 21132

Note – Level May subject to Gap up and Gap down opening

Thanks!

ProCapitas Market-Pro Team

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