The Indian stock market benchmarks delivered strong gains on Friday, 17 July, with Sensex jumping 964.58 points, or 1.25%, to close at 78,151.45, while Nifty 50 jumped 261.55 points, or 1.09%, to end at 24,334.30. According to ET Now, the 50-share NSE Nifty climbed 127.4 points, or 0.52%, on a weekly basis, while the BSE benchmark gained 582.06 points, or 0.75%. The market's strong performance was largely driven by healthy gains in shares of Reliance Industries and private bank heavyweights ahead of their Q1 results. Sector-wise, Private Banks Index climbed 1.81%, Top 10 Banks jumped 1.78%, IT sector gained 1.38%, and Financial Services rose 1.20%, while Commodities, Industrials, Telecommunication and Metal were the laggards. Ongoing geopolitical tensions kept investors cautious, resulting in subdued market participation.
According to ET Now reports, analysts expect the index to test the crucial 78,600-79,000 resistance zone, with immediate support placed near 77,900–78,000. SEBI-registered analyst Vipin Dixena notes that the technical setup has improved significantly, with the Sensex extending its rebound and trading well above the 50-day exponential moving average (EMA), indicating that short-term momentum has turned positive. The RSI has climbed to around 70, suggesting strong bullish momentum but also indicating the index is nearing the overbought zone. Sachin Gupta from Choice Equity Broking adds that the index has decisively crossed above its 100-Day EMA, which is a positive development and signals improving market strength. The index is also trading comfortably above its 20-Day and 50-Day EMAs, confirming that the short-term trend has turned bullish, although it continues to trade below the 200-Day EMA, which remains the next key hurdle for the broader trend. Immediate support is placed in the 77,300-77,400 zone, while 78,900-79,000 will act as the immediate resistance range.
According to ET Now reports, Bank Nifty has formed a strong bullish candlestick, confirming a decisive breakout above the recent consolidation range and strengthening the ongoing uptrend. The index is trading comfortably above its key moving averages, highlighting improving momentum and robust buying interest. Support is placed at 58,000–58,100, while 58,800–59,000 remains the immediate resistance zone. A sustained move above this hurdle could extend the rally further, while the support zone is expected to attract buying on any near-term dip. Despite the short-term softness, the index continues to trade above its important medium-term moving averages, keeping the broader structure constructive.
Sumeet Bagadia recommends three buy-or-sell stocks for Monday, 20 July: Eicher Motors (buy at ₹7,563, target ₹8,200, stop loss ₹7,252), TCS (buy at ₹2,269, target ₹2,381-2,500, stop loss ₹2,147), and Hindustan Unilever (buy at ₹2,143, target ₹2,266-2,323, stop loss ₹2,022). Each recommendation includes specific entry points, targets, and risk management levels based on technical analysis and breakout patterns. Eicher Motors has successfully broken above its falling trendline resistance and reclaimed all key moving averages, with RSI improving to 58.67. TCS is witnessing a gradual recovery after a prolonged corrective phase, having recently closed above its 50-day EMA with RSI at 61.54. Hindustan Unilever is showing early signs of recovery after an extended downtrend, with RSI at 47.71 showing a positive crossover.
From the Sensex pack, Tech Mahindra jumped 3.91% after reporting a 28.4% rise in consolidated net profit for the June quarter to ₹1,465 crore, and expressed confidence about the demand environment. Other top gainers included Kotak Mahindra Bank, Tata Consultancy Services, Reliance Industries, Hindustan Unilever, Mahindra & Mahindra, Axis Bank, ICICI Bank and Bajaj Finance. Sun Pharma, Trent, Bharti Airtel and UltraTech Cement were among the laggards. According to ET Now, the BSE SmallCap Select index declined 0.32% and the MidCap Select index dipped 0.07%. Among sectors, Private Banks Index climbed 1.81%, Top 10 Banks jumped 1.78%, IT sector gained 1.38%, and Financial Services rose 1.20%, while Commodities, Industrials, Telecommunication and Metal were the laggards. Auto, Information Technology, Private Banks, Bankex, Financial Services, Realty, Oil & Gas, Energy, Focused IT, and PSU Banks attracted healthy buying interest, while Capital Goods, Healthcare, Telecommunication, Industrials, Metals, Power, Utilities, Commodities, Consumer Durables, and Services witnessed mild profit booking.
