[Premium] July Monthly Charts

The Nifty 50 continues to push higher. The thesis has been that if prices were above their 2015-2016 highs near 9,000, then the world was likely not ending and we could continue to err on the long side of stocks. That continues to work.

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The same thesis applies in the Nifty Mid-Cap 100 if prices are above 14,000.

And the Small-Cap 100 if prices are above 4,700.

Bank Nifty continues to struggle to make upward progress, closing near the lows of the month. This remains one of the more vulnerable areas of the Equity market, but if prices are above 19,900 then it's hard to be aggressively bearish or short.

What a disaster Zee Entertainment and the entire Nifty Media space continue to be. As long as prices are below 190, the bias is lower towards 52.

Nifty IT broke out! If prices are above 16,500, the bias is higher towards 30,000.

Its second large component broke out as well. If Infosys Ltd. is above 800, the bias is higher towards 1,275.

TCS has yet to break out. From a monthly perspective, we need to see prices move above 2,400. We think they will ultimately get there, so our upside objective is 3,800.

Reliance is reaching our upside objective near 2,200, so we're watching closely to see how prices react to this level. With that said, if prices are above 2,200 then the bias is higher towards 3,375.

NTPC Ltd. looks to be breaking support once again at 95. If we're below that level, then the bias is lower towards 60.

Nifty Pharma remains one of the strongest areas of the market. With prices decisively above 10,300, the bias is back towards its all-time highs of 14,000.

Sun Pharma is finally participating in the rally. As long as prices are above 475, the bias is higher towards 750.

New all-time closing highs in Dr. Reddy's Lab. If prices are above their former highs of 4,350, the bias is higher towards 7,800.

Britannia Industries making new all-time monthly closing highs. If prices are above 3,500, the bias is higher towards 5,640.

Aluminum finally propelling higher off support at 127. As long as prices are above that, bias is higher towards 170.

Nickel continues to work its way higher off support at 850. The thesis remains that if prices are above that level, the bias is higher towards 1,325.

Zinc is above 150-155, so we can stay long with a target near 230.

Copper with a decisive breakout in July. If prices are above 465, the bias is higher towards 577.

Gold went out at its July highs. Any weakness can be bought as long as prices are above 45,000, with a target near 57,500.

Silver had a big month. If prices are above 48,000, any weakness can be bought with a target near 73,00.

Crude Palm Oil remains a long if prices are above 630, with a long-term target near 1,065.

Mentha Oil continues to melt lower. As long as prices are below 1,100, the bias is lower towards 800.

Jeera continues to base above 13,100. As long as prices are above that, we can err on the long side with a target of 20,200.

New all-time monthly closing highs in Rapeseed Mustard. If prices are above 4,950, the bias is higher towards 5,885.

USD/INR not moving much and continues to chop around 74-75. If we're not decisively below 74 then the bias is still to the upside in this pair, despite broad-based US Dollar weakness.

EUR/INR making new all-time monthly closing highs. If we're above 87.50, the bias is higher towards 100.50.

JPY/INR continues to consolidate below resistance at 0.715. If we're above that, we can be long with a target near 0.84. Below that, there's not much to do here.

Those are the charts that stood out to us this month. Check out all the monthly candlesticks in the chartbook and let us know if you have any questions.

Allstarcharts Team