Benchmark indices saw a good start with the Sensex gaining more than 160 points amid consolidation on July 15, but it was a bad day for broader markets as the Nifty Midcap index fell 0.8 percent.
The sectoral trend was mixed with Nifty IT index gaining nearly 3 percent and Pharma 1 percent but Bank and FMCG lost half a percent each.
The BSE Sensex gained 160.48 points to close at 38,896.71 while the Nifty 50 rallied 35.90 points to 11,588.40 forming a bearish candle (as the closing price is lower than opening) that resembles a Hammer kind of pattern on the daily scale.
According to the pivot charts, the key support level is placed at 11,540.93, followed by 11,493.57. If the index starts moving upward, the key resistance levels to watch out are 11,627.03 and 11,665.77.
The Nifty bank closed at 30,445.95, down 155.50 points on July 15. The important pivot level, which will act as crucial support for the index, is placed at 30,288.16, followed by 30,130.43. On the upside, key resistance levels are placed at 30,649.66, followed by 30,853.43.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
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