Among specific stocks, Hindalco, National Aluminum Company, Tata Steel, Vedanta, SAIL, NMDC, Bajaj Finserv, State Bank of India NSE 3.77%, JSW Steel, Mindtree, DLF, Bajaj Finance, Jubilant Foodworks saw a bullish trade setup in NSE 1.72. %, Lalpath Labs, Havells, and Infosys but Colgate-Palmolive, LIC Housing Finance NSE -4.19%, TVS Motors, Maruti, Bajaj Auto, Amara Raja Batteries NSE -2.60%, ITC, Cipla, Kotak Bank, and HUL weak.
Nifty opened positive on Thursday and opened with strength in the range of 80 points on the last day of the July series. The bulls were seen to be quite active at the heavyweight counters, and this was due to buying every small drop during the day. The index ended the session above its immediate support zone with a gain of around 70 points after profit-booking in the last three trading sessions. It formed a small-bodied bullish candle on the daily scale and negated the formation of lower highs from the previous three sessions. Now, it needs to hold above 15,750 levels to see a bounce towards 15,850 and 15,962 levels, while on the downside support is present at 15,700 and 15,600 levels.
India VIX fell 5.44 percent to 12.94 from 13.69. The decline in volatility after last session’s roller-coaster ride has again caught the bulls and now the VIX will have to cool below the level of 12 to be able to provide more comfort.
Bank Nifty opened positive and while under pressure in the first half of the session, the latter half saw a recovery and closed with a gain of 200 points. Banking stocks remained muted and comparatively underperformed the broader market for the past two sessions.
This formed a short-bodied candle with a long lower shadow, which indicates that every drop is being bought and follow-up at higher levels is still missing. Now, it needs to hold above the 34,750 level to move towards the 35,000 and 35,250 levels, while on the downside, support is present at the 34,500 and 34,250 levels.