Mid Cap Nifty Select Analysis for 29-07-2024: S & R

Find a Trade in the Choppy Zones
The Indian stock market, including the Nifty and Sensex, witnessed a significant rally on 26-07-2024, with key indices like Midcap Nifty and Midcap Nifty Select and Small Cap also joining the uptrend. Despite this broad-based surge, it is essential to approach the market with caution due to the recent sharp rise.
The Mid Cap Nifty Select, in particular, is likely to exhibit a cautious trend of consolidation with its monthly expiry approaching on Monday. Day traders should pay attention to support and resistance levels, as they provide opportunities for both long and short trades. Currently, the first support level is at 12,400, followed by 12,300, with a stronger support at the round number of 12,000. On the upside, the initial resistance is at 12,550, which can act as a support level, with strong resistance between 12,600 and 12,800.
All key sectors, including IT, Finance, Consumer Goods, Pharmaceuticals, and Infrastructure, largely traded in the green. However, it is notable that a rising wedge pattern is forming on higher time frames of one and four hours, indicating a potential correction in the near future. Traders should remain vigilant and exercise prudence in their intraday trades, considering these technical patterns and levels. All the key components of IT, Finance, Consumer Goods, Pharmaceuticals and Infrastructure largely traded in green.
Mid Cap Nifty Select Support & Resistance Levels for Tomorrow:
Support Levels:
The first support level is at 12,400 followed by 12,300 and a stronger support at 12,000 being a round off number.
Resistance Levels:
On the upside, the initial resistance is at 12,550 which can act as support and strong resistance at 12,600 to 12,800.
Technical Indicators for Mid Cap Nifty Select:-
Max Pain Mid Cap Nifty: 12,600
PCR (Put-Call Ratio): 1.34 Bullish
IV (Implied Volatility): 11.92 as of the closing on 26-07-2024.
Stay tuned for more updates on Midcap Nifty and Mid Cap Nifty Select prediction for tomorrow to navigate the volatile market conditions effectively.
Disclosure: I am not a SEBI registered analyst. The information shared here is solely for educational purposes and should not be interpreted as a financial advice. Always consult with a qualified financial advisor before making any investment related decisions. The publisher does not endorse or support social media shares of the published content on any platform.