Nifty 50 Maintains A ‘Green’ Streak With Another Bullish Close

Nifty 50 Maintains A ‘Green’ Streak With Another Bullish Close

Nifty 50 opened flat at 16, 523.55, led by the Media (1.19%) and Private Bank (1.17%) sectors. Moreover, during the trading session, it gained value considerably. The Index gained 0.51% and closed at 16,605.25 (up by 84.40 points) on Thursday, July 21, 2022.

The Nifty 50 Index is on its continued bullish rally as it is still operating on its 200-day EMA, which definitely signals an upward trend. It is also nearing its next resistance level set at 16,654 after five consecutive bullish sessions. Moreover, the India VIX is still below the 17 mark, which indicates the same upward action. Here is a market roundup analysis provided for better understanding.

Open Interest Analysis

Highest Open Interest

  • CE Side = 68,219 at 16,500
  • PE Side = 94,322 at 16,500

Change In OI/ Open Interest

Addition

  • CE Side = (a)  At 16,500 was 20, 063

                             (b)  At 16,600 was 29, 234

  • PE Side = (a) At 16,500 was 53, 970

                             (b) At 16,600 was 31, 139

By analysing the option chain, we can clearly see that 16,500 option writers shifted to 16,600.

Exponential Moving Average (EMA)

The current nearest resistance level is set at 16,654, which if broken would make the market bullish. It is currently sustaining above its 200-day EMA of 16,520, which acts as a support, if this level is broken then would lead to a bearish session.

Exponential Moving Average (EMA)

The top Indian stocks that saw a ‘green’ session today are mentioned below.

1. Indusind Bank Limited

Indusind Bank Limited (NSE: INDUSINDBK) saw its stock gain by 8.10% and close at INR 950.50 (up by 71.20 points) today.  The total trade volume of the stock stood at 2,35,81,540, worth INR 2,20,617.10 lakhs.

2. Bajaj Finance Limited

Bajaj Finance Limited (NSE: BAJFINANCE) saw its share prices increase by 3.29% and close at INR 6,274.00 (up by 199.60 points) today. The total trade volume of the stock stood at 13,25,493, worth INR 81,871.99 lakhs.

3. Tata Consumer Products Limited

Tata Consumer Products Limited (NSE: TATACONSUM) saw its stock prices rise by 2.96% and close at INR 818.50 (up by 23.50 points) today. The total trade volume of the stock stood at 22,45,980, worth INR 18,193.56 lakhs.

The Indian stocks that dipped the most even during a  ‘green’ day for the Nifty 50 Index have been listed below.

1. Dr. Reddy's Laboratories Limited

Dr. Reddy’s Laboratories Limited (NSE: DRREDDY), saw its stock value decrease by 1.90% and close at INR 4,374.00 (down by 84.75 points) today. The total trade volume of the stock stood at 6,25,220, worth INR 27,568.33 lakhs.

2. SBI Life Insurance Company Limited

SBI Life Insurance Company Limited (NSE: SBILIFE) saw its equity stock price dip by 1.35% and close at INR 1,170 (down by 16.05 points) today. The total trade volume of the stock stood at 10,48,591, worth INR 12,287.28 lakhs.

3. Kotak Mahindra Bank Limited

Kotak Mahindra Bank Limited (NSE: KOTAKBANK) saw its stock value decrease by 1.24% and close at INR 1,805.00 (down by 22.75 points) today. The total trade volume of the stock stood at 21,86,674, worth INR 39,422.67 lakhs.

The chances of the Nifty 50 being at a bullish note in the next session are high. It might also break the next resistance level of  16,654 soon.

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Sahil Patil

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