July is Historically a Bullish Month for NiftySaid earlier that NSE:NIFTY could pull back till 25000 and then bounce. And that's exactly what happened.
The quarterly rotation in the market seems to have completed. And today, supply started getting absorbed.
I’ve already mentioned before — July has historically been a positive month for the markets, and that view still stands.
The outlook remains bullish.
Today’s candle in Nifty is a demand candle — it has absorbed nearly half of the selling pressure.
However, the remaining supply is still there, since sellers outnumbered buyers by around 40 million today.
So we’ll turn aggressive only if tomorrow’s early session absorbs this supply.
Ideally, the first hourly candle should take care of it. If that happens, strong momentum can follow.
Otherwise, Nifty might just consolidate for a bit.
Intraday levels for tomorrow:
- Support: 25044
- Resistance: 25202
If 25202 breaks, direct upside target is 25350.
Coming to NSE:BANKNIFTY — today’s candle is indecisive.
If strong momentum doesn’t follow soon, it could drop again.
So it’s important for BankNifty to close above 57098 within the first hour tomorrow.
Support zone will be around 56590.
Talking about sector rotation — NSE:CNXMEDIA topped the charts today. So special focus should be there for intraday trades.
That said, short-term leadership is still with IPOs, Pharma, and Realty sectors.
Right now is the best time to identify quality breakout stocks.
But remember, you also need a solid position management strategy.
Most traders make the mistake of exiting too early in bull markets with small profits — that’s greed.
In bull phases, the goal should be to ride the trend. Don’t follow feelings. Follow your setup.
Stocks like NSE:HPL and NSE:DBREALTY are showing great setups.
Study these setups carefully. Learn from them. Never blindly copy others.
That’s all for today.
Take care.
Have a profitable day ahead.
