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Published on 15-07-2026 11:55 am

BUY BANK NIFTY 57800 PUT JULY ABOVE 615.75 SL BELOW 530 TGT 648-695-755. 28 JULY

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Published on 15-07-2026 10:29 am

Market Outlook

On the weekly expiry day, The Nifty50 index witnessed sustained selling pressure throughout the session. After opening with a gapdown, every intraday recovery attracted fresh selling, dragging the index lower towards 24,000 zone and resulting in a decline of more than half a percent by the close. On the derivatives front, data for the next weekly expiry indicates fresh call writing at the 24,200 and 24,300 strikes, suggesting an immediate resistance zone. On the downside, significant put OI aligned with the 24,000 strike suggests near-term support. Overall, the broader market structure continues to maintain a sideways-to-positive bias as long as the index sustains above the key moving averages of 20-DEMA and 50-DEMA levels.

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Published on 15-07-2026 10:28 am

Comments:

Nifty weekly contract has the highest open interest at 24500 CE and 23000 PE while monthly contracts have the highest open interest at 25000 CE and 24000 PE. The highest OI addition was seen at 24600 CE and 24200 PE in weekly and at 25000 CE and 23700 PE in monthly contracts. FIIs increased their future index long holdings by 9.45%, decreased future index shorts by 2.88% and in index options, 4.88% increase in Call longs, 13.14% increase in Call short, 1.78% decrease in Put longs and 40.97% increase in Put shorts.

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Published on 15-07-2026 10:27 am

Nifty Outlook

Declines being contained within the 24140-40 region and the inverted hammer formed thereof retains hopes of recovery. However, directional moves are less likely with momentum indicators too weak to stage a strong move on either side. Expect a range of 23940-24270.

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Published on 15-07-2026 10:27 am

Nifty

Formation of an Inside Bar candlestick pattern on the daily chart suggests the likelihood of near-term consolidation. Despite elevated volatility, Nifty has managed to hold above the 24000 mark, reflecting resilience at lower levels. The immediate technical requirement is to reclaim the 24350 gap zone, which is expected to act as the first major resistance, followed by 24420. A sustained move above these levels would reaffirm 24000 as a meaningful support while preserving the broader market structure above the crucial 23800 base. Momentum indicators remain neutral and do not yet indicate a clear directional bias. A phase of consolidation is therefore necessary for these indicators to reset before any sustainable recovery can unfold. On the downside, a decisive close below 23800 would weaken the broader market structure and raise the risk of an extended corrective phase. Following the recent breach of the 24000 support zone, the earlier buy-on-dips strategy should remain on hold. Fresh long positions should be considered only after the index confirms a decisive reversal or establishes a strong base, signalling the return of bullish momentum.

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