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The option data showed bears were dominant with maximum call writing happening at 19,500 strike as it is emerging as an immediate girdle for the index. Demand at 19400 was seen providing support to the index.
Banks, IT and financial services stocks remained among the biggest drags, besides realty that has suffered from declining sequential revenue. Buying was seen in media and healthcare stocks.
Indices opened negatively but saw marginal gains in the afternoon session. IT, metal, oil & gas, and power sectors were up 1%, while FMCG was down 0.5%. Nifty formed a bullish candle and has been making higher highs and lows, with support at 19600 levels. BankNifty resistance at 46100 and support at 45000 levels. HindCopper, IDFC, and ACC saw long buildup, while PEL and RBL Bank saw a short buildup.
On July 28, Indian indices were subdued due to mixed global cues, with Nifty trading below 19,600. Bears dominated the day, causing unease among bulls. Weakness was attributed to overbought conditions, while key indices showed sluggishness during the week.
Indian benchmark indices start on a positive note after the Federal Reserve's interest rate hike, but mid-morning sees gains erased and flat trading. Analysts predict further consolidation before a significant upward trend.