Trade Setup For July 20: Nifty Bulls Eye 24,550 Breakout As Q1 Earnings Season Gathers Pace

The fairness benchmarks had a powerful session on Friday powered by quarterly earnings for the primary lap of the present fiscal and ended within the inexperienced. Analysts anticipate Nifty’s bullish bias to proceed within the coming week. 

“Indian equities are expected to witness a gradual uptrend next week, on the back of a strong Q1FY27 earnings season so far, which is likely to remain the key driver of sectoral and stock-specific performance,” stated Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services. 

On Saturday, heavyweights like HDFC Bank, Punjab National Bank, ICICI Bank, and Kotak Mahindra Bank posted their quarterly numbers which is able to assist set the fairness enviornment on Monday. 

ALSO READ: Punjab National Bank Q1 Results: Net Profit Triples Even As Provisions Rise; NII Up 2%

Accordingly, the instant resistance for Nifty is positioned within the 24500-24550 zone, which coincides with the earlier swing excessive. On the flipside, the instant assist for Nifty is positioned within the 24,200-24,150 zone.

If Nifty breaks by the resistance ranges the pullback can prolong in the direction of 24,700, based on Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.

Nifty Bank

Bank Nifty opened on a constructive observe and prolonged its rally, led by sturdy shopping for in banking heavyweights. Going forward, financial institution earnings will dictate investor urge for food. 

The instant resistance for Bank Nifty is positioned within the 58,700-58,800 zone, which coincides with its earlier swing excessive zone, as per Shah from SBI securities. 

Any sustainable transfer above this zone may end in Bank Nifty extending its pullback in the direction of 59,200, adopted by 59,600 within the quick time period. On the draw back, the instant assist for Bank Nifty is positioned within the 58100-58000 zone.

Market Recap

Nifty 50 and Sensex gained 0.6% every for the week. On Friday, Nifty rose 1.09% or 261.55 factors to 24,334.30, whereas Sensex climbed 1.25% or 964.58 factors to 78,151.45.

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