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Below the Quote on Market Morning Inputs 23th July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities

The key indices witnessed sluggish activity. Nifty closed 30 points lower, while Sensex was down 13 points. Among sectors, the digital index gained the most by 1.10 per cent, while the media index declined the most by 2 per cent. Technically, after a gap-up open, the market remained under selling pressure throughout the day. On the daily chart, the market remains at a lower level and has also formed a bearish candle, indicating temporary weakness.

We believe that the current market structure is directionless; hence, level-based trading would be the ideal strategy for day traders. For traders, the 25,000/82200 level or the 50-day SMA (Simple Moving Average) would be the key support zone. As long as the market continues to trade above this level, a pullback formation is likely to continue. On the upside, 25,200/82800 and 20-day SMA or 25,325/83100 would be the key resistance zones for the bulls. On the other hand, a break of 25,000/82200 could take the market towards 24,900/81900. The downtrend could continue further, taking the index to 24,775/81500.

For Bank Nifty, 56700/56600 would act as a key support zone, while the 20-day SMA at 56,900 or 57200 could act as a crucial resistance zone for the bulls. Below 56,600, it can fall to 56,500-56,300, while above 56,900, it can go up to 57,100-57,200.

For the day, sell between 25100-25150 with a stop loss at 25200 on a closing basis.  The move past 25200 should increase the momentum towards 25255 and later 25350. Supports exist at 25000 and at 24950.  A close below 24950 could be negative in the short term as the Nifty may fall to 24800 or 24700 levels.

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