GIFTNifty lower tracking #WestAsiaWar updates, trading at discount of over 200 points from Nifty Futures Monday's close. GIFT Nifty indicates a gap-down start for the Indian market

The Nifty 50 rebounded sharply after taking support at the 24,000 zone, closing flat with a positive bias on July 13. Despite posting positive closes over the last three sessions, the index continued to trade within the long red candle formed last Wednesday, i.e., in the 23,800-24,300 range. However, it reclaimed the 10-, 20-, and 100-day EMAs while sustaining above the 50-day EMA. The index needs to break out of the said range on either side to establish a firm direction going forward. Reclaimi...

Key Levels For The Nifty 50 (24,211)

Resistance based on pivot points: 24,256, 24,317, and 24,417
Support based on pivot points: 24,058, 23,997, and 23,897

Special Formation: The Nifty 50 formed a long green candle with minor upper and lower shadows on the daily charts after a gap-down opening, signalling buying interest at lower levels. The index climbed back above the 10-, 20-, and 100-day EMAs, as well as the 23.6 percent Fibonacci retracement level of the recent rally from the June low to the July high. The RSI rose to 55.89 and is on the verge of a bullish crossover.

Key Levels For The Bank Nifty (58,131)

Resistance based on pivot points: 58,226, 58,398, and 58,676

Support based on pivot points: 57,670, 57,498, and 57,220

Resistance based on Fibonacci retracement: 59,195, 61,717

Support based on Fibonacci retracement: 56,305, 56,441