Trade setup for July 29: Top 15 things to know before the opening bells

By Admin

29 Jul, 2025

As we move into the trading session for July 29, investors and traders are greeted by a cautious and bearish undertone in the Indian equity market. The Nifty 50 extended its downtrend for the third consecutive session on July 28, falling by 0.6 percent and closing below key technical levels. The index now trades below the lower Bollinger Band and short- to medium-term moving averages, signaling potential for further consolidation with a negative bias.

Here are the top 15 things to know before the market opens on Monday:

1. Nifty 50 Outlook

• Current Level: 24,681
  
  

• Bearish Indicators: The index formed a bearish candle with an upper shadow, showing selling pressure at higher levels. It continued forming lower highs–lower lows and is nearing its 100-day EMA.
  
  

• Momentum Indicators: RSI dropped below 40, now at 36.92. The MACD histogram weakened further, indicating rising bearish momentum.
  
  

• Key Downside Levels: 24,600–24,550 (includes 100-day EMA) and 24,470 (June low). A breach could trigger a deeper correction.
  
  

• Resistance Zone (on rebound): 24,800–24,900
  
  

2. Nifty 50 Pivot Levels

• Resistance: 24,832, 24,889, 24,982
  
  

• Support: 24,646, 24,589, 24,496
  
  

3. Bank Nifty Outlook

• Current Level: 56,085
  
  

• Technical Pattern: Formed a bearish candle with a long upper shadow. The index fell below the recent swing low and its 50-day EMA, with high volumes.
  
  

• Indicators: Bearish crossover in both RSI and Stochastic RSI. MACD histogram also confirmed further weakness.
  
  

4. Bank Nifty Pivot & Fibonacci Levels

• Pivot Resistance: 56,442, 56,579, 56,801
  
  

• Pivot Support: 55,998, 55,861, 55,639
  
  

• Fibonacci Resistance: 56,646, 57,057
  
  

• Fibonacci Support: 55,666, 55,124
  
  

5. Nifty Call Options Data

• Max OI: 25,000 strike (1.58 Cr contracts), acting as key resistance
  
  

• Call Writing: Significant addition at 24,800 (79.25L), 24,700 (39.3L), and 24,900 (32.3L)
  
  

• Unwinding: Highest at 24,000 (-62,250 contracts)
  
  

6. Nifty Put Options Data

• Max OI: 24,000 strike (83.9L contracts), a crucial support
  
  

• Put Writing: 24,600 (17.08L), 24,200 (13.06L), and 24,500 (10.72L)
  
  

• Unwinding: Most at 25,000 (-14.6L)
  
  

7. Bank Nifty Call Options Data

• Max OI: 57,000 strike (24.03L), acting as key resistance
  
  

• Call Writing: 56,500 (4.23L), 57,000 (3.56L), 56,400 (2.85L)
  
  

• Unwinding: 57,700 (-59,465), 57,600 (-54,565), 58,100 (-36,365)
  
  

8. Bank Nifty Put Options Data

• Max OI: 56,000 strike (12.01L), key support level
  
  

• Put Writing: 54,500 (1.59L), 56,100 (1.17L), 55,400 (85,750)
  
  

• Unwinding: 57,000 (-1.79L), 56,500 (-1.54L), 56,800 (-1.47L)
  
  

9. Put-Call Ratio (PCR)

• Current PCR: 0.64 (lowest since Dec 18, 2024)
  A falling PCR suggests rising bearish sentiment as traders sell more Calls than Puts.
  
  

10. India VIX Movement

• Current Level: 12.06 (up 6.98%)
  India VIX rose for the third consecutive session, indicating growing uncertainty and caution among traders.
  
  

11. Long Build-up (40 Stocks)

Stocks with rising prices and open interest signal bullish sentiment. 40 such stocks witnessed long positions being built up on July 28.

12. Long Unwinding (91 Stocks)

91 stocks saw a decline in both price and open interest, indicating profit booking or exit from long positions.

13. Short Build-up (62 Stocks)

62 stocks experienced a fall in price with rising open interest, a clear sign of short positions being built up.

14. Short-Covering (35 Stocks)

These stocks witnessed a price rise along with falling OI, implying shorts were being covered, possibly due to technical bounces.

15. Stocks in F&O Ban

• Added: None
  
  

• Retained: RBL Bank
  
  

• Removed: None
  Securities under the ban have crossed 95% of the market-wide position limit, restricting new positions.
  
  

Final Word

With both Nifty and Bank Nifty trading below key averages and forming bearish technical patterns, caution should prevail ahead of Monday’s session. The growing volatility, declining PCR, and high Call writing at critical resistance levels signal that bears currently have the upper hand. Traders should closely monitor the 24,600–24,470 zone on Nifty and 55,998 on Bank Nifty for possible breakdowns or reversals.

Disclaimer: The views and investment tips expressed are those of market experts and not of this platform. Please consult a certified financial advisor before making any investment decisions.