July 22, 2024 / 09:11 AM IST
Market Today | Sensex, Nifty to open on a negative note: Mandar Bhojane, Research Analyst at Choice Broking
The benchmark Sensex and Nifty indices are likely to open on a negative note on July 22, following cues from GIFT Nifty, which is trading near 24,412.
On July 19, profit booking across the market ahead of the Union Budget on July 23 pulled major indices into the red. Nifty also formed a strong bearish engulfing pattern on the daily chart.
The 24,400 level acts as immediate support; if broken, it could further correct to 24,200 and 24,000 in the coming days. On the flip side, 24,700 and 24,800 act as resistance levels. Due to the budget week, volatility is expected to remain high in the markets.
Bank Nifty is trading in a sideways range of 52,000 to 52,800 levels. If the price breaks the 52,000 level, it could further correct to 51,600 and 51,200 levels. On the flip side, 52,800 and 53,000 act as immediate resistance levels.
The market is expected to remain volatile. Hold your positions with a trailing stop-loss. Any dip will be a buying opportunity as the overall trend remains bullish.
