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Below the Quote on Market Morning Inputs 31th July 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities

The benchmark indices witnessed range-bound movement. Nifty closed 34 points higher, while Sensex gained 144 points. Sectorally, capital goods stocks witnessed selective buying, while realty and media indices continued to witness profit booking at higher levels. Technically, after a muted opening, the market hovered between the price band of 24,770/81,200 and 24,900/81,600. A small candle on the daily chart and range-bound movement on the intraday chart indicate indecision between the bulls and bears.

We believe that as long as the market continues to trade above 24,600/80700, the pullback is likely to continue. On the upside, the market could move towards 25,000/82,000, and a further rally could take the indices towards 25,075/82,200. On the downside, if the market breaks below 24,600/80700, we may witness a fresh round of selling. Below this level, the market may retest 24,500-24450/80400-80200 levels.

For Bank Nifty, the short-term the outlook is still weak, a close above 56100 is positive however, it is still in the range and is trading with a negative bias.  56350 and 56500 would be a major hurdle zone. Support exists at 55850.  Below 55850, it may fall to 55500 or 55200 levels.  

If it breaks the 24600 levels, the strategy should be adopted cautiously. If the market sustains above 24600 despite the negative news, we may see a quick reversal to 24900/25000 levels. If it breaks below 24600, the index may even retest the 24450 or 24250 levels.

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