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Published on 16-07-2026 10:17 am

Nifty

Consecutive ‘Inside Bar’ candlestick formations on the daily chart indicate that Nifty's consolidation phase is gradually maturing. The index has continued to hold above the 24000 mark, reflecting resilience at lower levels, while 24200 has emerged as an immediate resistance. For a meaningful turnaround, Nifty needs to reclaim the 24350 gap zone, followed by 24420. A sustained move above these levels would reaffirm 24000 as a strong support while preserving the broader market structure above the crucial 23800 base. Momentum indicators remain neutral and do not yet signal a decisive directional bias, suggesting that further consolidation is essential before a sustainable recovery can unfold. On the downside, a decisive close below 23800 would weaken the broader technical structure and increase the risk of an extended corrective phase. Given 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 breakout above key resistance or establishes a strong base, signalling the return of bullish momentum.

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Published on 16-07-2026 10:15 am

Comments:

Nifty weekly contract has the highest open interest at 24200 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 24200 CE and 23000 PE in weekly and at 24200 CE and 24100 PE in monthly contracts. FIIs decreased their future index long holdings by 1.18%, decreased future index shorts by 1.05% and in index options, 6.81% increase in Call longs, 9.64% increase in Call short, 13.10% increase in Put longs and 23.94% increase in Put shorts.

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Published on 16-07-2026 10:14 am

Nifty Outlook

We do not have a directional bias for today, which is consistent with the weak signals from momentum indicators and two consecutive days of dojis. That said, the longer wicks in the last two days, pointing to improved risk appetite, but with mean reversion tendencies. This set up favours a buy on declines approach. Towards this end, we prefer to wait for another test of 24040 or slight penetration to climb on a potential upside leap. We will retain 23940-24270 as the range to beat initially before considering directional plays

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Published on 16-07-2026 10:11 am

Market Outlook

The Indian market witnessed another volatile session within its ongoing consolidation phase. The benchmark Nifty50 index started on a positive note and advanced towards the 24,200 zone. However, it failed to sustain at higher levels, as profit booking emerged and dragged the index back towards the 24,000 level before settling the day with marginal gains. On the derivatives front, call writing intensified at the 24,200 strike, indicating an immediate resistance zone. On the downside, major put OI at the 24,000 strike continues to provide near-term support. Overall, the broader structure remains range bound for the near term.

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Published on 16-07-2026 10:08 am

BANK NIFTY

* The Banking Index witnessed heightened volatility but recovered strongly from the previous session’s decline, taking support near 20-day DEMA.

* After opening with a gap-up, the index encountered sustained profit booking throughout the session, yet closed marginally higher.

* Market breadth remained mixed, with SBIN and Union Bank outperforming, while Axis Bank and Kotak Bank underperformed.

* Immediate resistance is placed at 58,600, whereas the 56,700 serve as a critical support level.

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