Benchmark equity indices Sensex and Nifty 50 closed in the red on Monday, July 20, mirroring weak global sentiment as rising US-Iran tensions weighed on investor mood. According to reports from Mint, the Sensex fell 443 points, or 0.57%, to settle at 77,708.52, while the Nifty 50 lost 96 points, or 0.39%, ending the session at 24,238.50. Despite the broader market weakness, mid- and small-cap stocks outperformed with the Nifty Midcap 100 advancing 0.60% and the Nifty Smallcap 100 gaining 0.16%.
According to Sumeet Bagadia, Executive Director at Choice Broking, Nifty formed a small-bodied bullish recovery candle with a long lower shadow, indicating buying interest emerging at lower levels after early weakness. As reported by Mint, the RSI stood at 55.93, suggesting momentum continues to favour the bulls despite short-term consolidation, while the PCR improved to 1.09, reflecting a balanced-to-positive derivatives setup. Open Interest data shows significant Call writing at 24,300–24,500 and Put support at 24,000–24,200, highlighting a likely trading range in the near term. Immediate support is placed at 24,100–24,150, whereas 24,300–24,350 remains the crucial resistance zone.
Bank Nifty settled at 57,945, down 576.40 points (-0.98%) after witnessing a recovery session marked by a sharp gap-down opening. According to Mint, the index initially came under selling pressure following weak opening sentiment, but buying interest near lower levels helped it recover a large part of the intraday decline. The index continues to trade above its 20, 50, 100 and 200-day moving averages, keeping the broader market structure constructive despite the day's decline. Immediate support is placed at 57,450–57,500, while 58,400–58,450 is expected to act as the first major hurdle for the ongoing recovery.
Sumeet Bagadia recommends five breakout shares to buy on Monday, 21 July: JSW Energy (buy at ₹567, target ₹610, stop loss ₹539), Bajaj Healthcare (buy at ₹386, target ₹415, stop loss ₹365), Steel Strips Wheels (buy at ₹276, target ₹295, stop loss ₹264), Saregama India (buy at ₹514, target ₹550, stop loss ₹490), and Gabriel India (buy at ₹1398, target ₹1500, stop loss ₹1322). As reported by Mint, these recommendations are based on strong technical setups, breakout patterns, and positive momentum indicators across various sectors including energy, healthcare, and media.
