The last trading day of the last week i.e. Friday, July 18 saw a huge decline. The index continued to have a continuous selling pressure. It slipped around 24,900, where it received an early support. On Friday, the Nifty closed at 24,968, declining 143 points or 0.57%. This is the third consecutive week when the Nifty has declined. The index declined by 0.72% on a weekly basis. Experts will understand which levels will be important for Nifty on Monday, July 21. But, before that, let’s know what happened in the market on Friday.
Fast in which saron, stability in which
Strong performing shares included Wipro, Bajaj Finance and Tata Steel. He showed better strength from the market. On the other hand, Axis Bank, Shriram Finance and BEL were among the weakest shares.
Midcap and smallcap also decline
Weakness was also observed in broad markets. Midcap and smallcap shares dominated profiteering. Nifty Midcap 100 declined 0.70% and Nifty Smallcap 100 declined by 0.82%. Region wise, media, metal and IT index closed in green mark. At the same time, there was a huge decline in private banks, sustainable consumer goods and financial services.
Both FII and DII purchased
Domestic and foreign institutional investors on Friday made pure purchases in the cash section. Despite this, the market got partial support. FII bought shares worth Rs 375 crore and DII Rs 2,103 crore.
Now the quarterly results of companies are monitored
Now the market will look at the upcoming quarterly results. The results of Reliance Industries, HDFC Bank and ICICI Bank are coming after the market closure on Friday. The impact of these results can appear in early trade. After this, the results of major companies like Infosys, Dr. Reddy’s, Bajaj Finance, Nestle India and Cipla are also coming.
Expert’s opinion: Which levels are important for Nifty?
According to Nagraj Shetty of HDFC Securities, the current trend of Nifty remains weak. A negative candle made on Friday indicates that the breakdown below 24,900 may accelerate the decline and it can go up to 24,500. At the same time, there will be strong resistance at 25,250 upwards. At the same time, the metaphor of LKP Securities says that the Nifty remains above the 50-day EMA. But, for now, until it goes above 25,260, the trend will remain ‘selling on the edge’.
Next support for Nifty at 24,742
Nandish Shah of HDFC Securities said that Nifty has broken its previous swing of 25,001 and closed below the 50-day SMA. This is the first time since April 11, 2025. This indicates that the short -term trend has now turned to the recession. The next support is at 24,742 and then at 24,500, while resistance will remain around 25,255. Ajit Mishra of Railways Broking said that if the Nifty slips below 24,900 decisively, the selling may be faster. At the same time, if it bounces, it can stop around 20-day EMA i.e. around 25,200.
