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Nifty 50 slips 0.4% as US-Iran tensions and oil volatility weigh
The index held the 24,200 support level but faces resistance at 24,500 to 24,600, according to market analysts cited by LiveMint.
India’s Nifty 50 ended lower on Monday, July 20, falling 0.4% to close at 24,238 after briefly dipping to an intraday low of 24,136, according to LiveMint Markets. Analysts said the market pared losses and still found buying support near 24,200.
The report said the Nifty 50’s short-term technical level is anchored around its 21-day exponential moving average near 24,090, with one analyst saying dips toward that zone could offer opportunities as long as prices stay above it. Another risk factor highlighted was escalating US-Iran tensions, which are contributing to crude oil price volatility and a weakening rupee.
On the upside, analysts cited in the article flagged 24,500 to 24,600 as stiff resistance. They added that a decisive move below 24,080 could pull the index down toward 23,850.
LiveMint Markets also included stock recommendations for a one to two week horizon, naming Sona BLW Precision and PNB, along with JSW Steel, among six companies. For Sona BLW Precision, the article cited an aggressive high-momentum structure, with the stock trading above its 20-day EMA and an RSI of 80.4, while Colgate Palmolive (India) was described as having broken out above multiple EMAs with an RSI near 60.2, based on the analysts’ commentary.
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