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Below the Quote on Morning Outlook from Mandar Bhojane, Senior Technical & Derivative Analyst - Research at Choice Equity Broking Private Limited

"Indian equities are set for a positive start on Thursday, with GIFT Nifty indicating a 40-point gap-up. However, global cues remain mixed as Asian markets open flat, tracking overnight volatility on Wall Street amid growing speculation around the future of US Fed Chair Jerome Powell. 
 
The index witnessed a bullish follow-up candle after forming a Morning Star pattern at key support yesterday. This indicates strengthening momentum. For sustained upward movement, Nifty must hold above 25,330. Upside resistance is seen at 25,600–25,700, while 25,000 acts as immediate support. 
 
Bank Nifty continues its bullish structure of higher highs and higher lows after a successful double bottom pattern. Strong volumes suggest buying interest. The index must stay above 57,200 to retain bullish sentiment. A breakout above 57,600–58,000 can trigger sharp upside, whereas 56,800 is key support on the downside. 

On the institutional front, Foreign Institutional Investors (FIIs) continued to reduce exposure, selling equities worth Rs 1,858 crore on July 16. In contrast, Domestic Institutional Investors (DIIs) remained consistent buyers for the 8th straight session, infusing Rs 1,223 crore, lending crucial support to the market amid global uncertainties. 
 
The broader trend remains optimistic as long as key support levels are respected. With positive domestic sentiment and technical confirmation, traders should look for bullish opportunities, especially in banking and large-cap spaces. However, global uncertainty around US central bank leadership may keep volatility alive."

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