The Nifty50 index fell over 1% during the week, despite a midweek rebound that aligned well with earlier technical forecasts.
However, amid the ongoing selling pressure, July 29 emerged as a turning point, validating last week’s projection that highlighted the date as a potential inflection point.
FPI selling accelerates in July
Foreign Portfolio Investors (FPIs) continued to exit Indian equities. According to NSDL data:
- FPIs sold equities worth Rs 31,988 crore in July 2025 alone.
- Total FPI outflow for the year till August 1 stands at Rs 1,31,876 crore — reflecting sustained bearishness by global investors.
Recap: July 28 – August 1
Despite early-week weakness, markets staged a strong reversal from July 29:
- July 29: Nifty opened near 24,600, then rallied over two sessions to hit 24,950+, gaining over 250 points from the low.
- July 28: Price action remained within the 24,850–24,676 range.
- July 29: Day’s high was 24,847.15 — nearly hitting key resistance at 24,850.
- July 31: Nifty bounced off 24,805 support to reach 24,956.50, brushing against the 24,980 zone.
- August 1: Intraday low of 24,535.05 matched the projected support of 24,538.
Time cycle precision: Intraday predictions hit the mark
Time-based forecasts delivered high-accuracy calls. Key intraday swings aligned closely with projected time windows:
- July 28: High at 10:20 AM; low around 2:15 PM
- July 29: Low at open (9:15 AM); rally started at 10:20 AM, gained momentum by 12:50 PM
- July 30: Day high around 11:35 AM; swings near 12:50 PM and 2:40 PM
- July 31: Selling spiked around 2:40 PM, as forecasted
- August 1: Minor swing high observed near 1:35 PM
These time clusters offered tactical entry/exit opportunities for active traders.
Key levels to watch
Support zones:
24,535 / 24,482 / 24,458 / 24,382 / 24,331 / 24,143 / 23,875
Resistance zones:
24,648 / 24,677 / 24,806 / 24,856 / 24,978 / 25,083 / 25,145
These are key pivots. Market behavior around these points may define short-term direction.
Intraday time clusters for the week
Watch for increased volatility near these time slots:
- Monday, Aug 4: 9:20 AM, 11:35 AM, 12:15 PM
- Tuesday, Aug 5: 10:10 AM, 11:25 AM, 2:35 PM
- Wednesday, Aug 6: 9:20 AM, 10:20 AM, 11:35 AM, 12:15 PM, 2:10 PM
- Thursday, Aug 7: 9:15 AM, 10:00 AM, 11:15 AM, 12:15 PM
- Friday, Aug 8: 9:20 AM, 10:20 AM, 11:25 AM, 1:25 PM
These may serve as key reversal or momentum windows.
Outlook: August 4–8
While July 29 confirmed a short-term reversal, the next pivotal dates are August 8 and August 11. These sessions may set the tone for the market’s next leg — either continuing the recovery or triggering another sell-off.
The high and low of August 8 could form a breakout structure, making it a critical day for positional traders to watch. Also, August 6 and 7 are expected to be highly volatile for intraday moves due to overlapping time clusters.
Conclusion
The technical setup has shifted. With July 29 acting as a springboard and August 8 positioned as a potential breakout date, traders must stay nimble.
Use the support-resistance zones and time clusters as tactical markers, while watching for key directional cues early in the second week of August.
(The author Harshubh Mahesh Shah is Director, Wealthview Analytics Pvt Ltd. SEBI Registration – INH000009676)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
