The Nifty 50 has climbed above its 200‑day EMA and other moving averages, signalling a possible rally toward the 24,500‑24,600 resistance zone. A sustained move above this band could open the door to 24,800‑25,000 levels. Immediate support lies near 24,200‑24,000.
On July 31, the Nifty closed at 24,384, up 66 points (0.27%). The Bank Nifty finished at 57,265, up 117 points (0.21%). Market breadth was bullish, with 1,842 shares advancing against 1,147 falling on the NSE.
Analysts point to strong momentum in IT, auto and pharma sectors. Weekly and daily momentum indicators show positive crossovers, suggesting a dip to 24,271 (anchored VWAP) could be a buying opportunity, targeting 24,531 (July high) and then 24,772 (61.8% Fibonacci level).
On the derivatives side, the maximum Put open interest sits at the 24,000 strike, while the maximum Call interest is at 24,600. The Put‑Call Ratio rose from 1.29 to 1.49, indicating bullish positioning.
For the Bank Nifty, the 20‑day moving average at 57,482 and the 200‑day EMA at 56,530 act as key support levels. To resume a northward move, the index must surpass Friday’s high of 57,400 and aim for the 57,800‑58,000 zone. Immediate support is expected around 57,000‑56,900, with 56,500 as a crucial support.
Traders are advised to buy Nifty August Futures near 24,200 with a stop‑loss at 23,900, targeting the 24,500‑24,600 zone. For Bank Nifty, buying around 57,000 with a stop‑loss at 56,650 and taking profits near 57,800 is recommended.
Overall, the market is in a consolidation phase between 24,500 and 23,650 for Nifty, and 58,600 and 56,500 for Bank Nifty. A decisive breakout above the 24,550‑24,600 resistance or below the 56,700 support will determine the next direction. Until such a move, a wait‑and‑watch approach with disciplined stop‑losses is prudent.