July Closing with a Huge Sell-off

Closing Review: 31st July
Markets and July Series closed with huge sell off. Markets remained under pressure throughout the session but remained flat with negative bias during first half. It was only in the second half when the support was breached by both Sensex and Nifty.
Finally Sensex closed at 25,894and was down 192 points and Nifty closed at 7721, down 70 points from the previous close.
Mid cap and small cap stocks outperformed the benchmark indices and closed in the green. Banks remained the dragger followed by Infra.
Pharma, Realty and Media were the only sectors to close in the green. Rest all the sectors closed with losses.
Cipla, Tata Steel and BPCL were the top gainers while NTPC, IDFC and Asian paints were among the top losers in the Nifty.

Option Data
Highest OI was witnessed at 7800CE & 7750CE and 7700PE and 7600PE. As per options data 7800 CE and 7700 PE are likely to remain in focus for August series.

Global Market
Globally the Default Fears have pushed all the major markets under pressure. Fresh sanctions by Europe and US, against Russia dragged the European markets down by nearly 1 1.5%. US FED announcement which suggested that the economy was on track as per expectation and still they would continue with the 0 to 0.25% interest rates.
US markets on Wednesday closed on a flat to positive note. Today Asian shares traded with positive bias but gave away the gains while closing except Shanghai market which gained nearly 1%. Europe extended the losses and were trading with another 1% drop.

Market Overview for 1st August
Nifty has taken support at 7720 levels. If bounced back from these levels we may see 7760 -7770 levels for intraday. If breached this level then next immediate support would be around 7660 7680 levels.

Stocks to Watch for:
Indian Oil Corp and ICICI Bank for the upside while ONGC and Glenmark Pharma on the downside.