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Below the Quote on Post market comment for Wednesday July 22 by Sachin Gupta, VP - Technical Research, Choice Equity Broking   

Indian equity benchmark Nifty index witnessed a negative close on 22nd July 2026, extending its losing streak for the third consecutive trading session amid persistent selling pressure, rising crude oil prices, weakness in the Indian rupee, and profit booking in heavyweight stocks. The index opened on a weak note tracking mixed global cues and remained under pressure throughout the session. Selling intensified during the first half, dragging the Nifty to an intraday low of 23,961.40. Although selective buying in defensive and FMCG stocks helped the market recover some of its losses during the latter half of the session, the benchmark failed to reclaim the psychological 24,000 mark. The Nifty eventually settled at 23,996.25, down 191.45 points or 0.79%. On the daily timeframe, the index formed a strong bearish candle, indicating sustained selling pressure and suggesting that the recent consolidation phase has likely broken on the downside. The price action reflects weakening short-term momentum and increased caution among market participants.

From a technical perspective, immediate support is placed in the 23,950–23,900 zone, followed by a stronger support area around 23,800. A decisive breach below 23,900 could accelerate selling pressure and drag the index towards 23,700–23,600 in the near term. On the upside, immediate resistance is observed in the 24,100–24,200 range. The Relative Strength Index (RSI) has entered a bearish crossover, indicating weakening momentum and suggesting that the market may remain under pressure in the short term. Rising crude oil prices continue to remain a key concern for Indian equities, while the Indian rupee weakened sharply, ending 33 paise lower at 96.57 against the US dollar, adding further pressure on sentiment. Broader market participation also weakened, with the Nifty Midcap 100 declining 1.0% and the Nifty Smallcap 100 falling 1.5%, reflecting risk-off sentiment across the market.

Sectorally, the market witnessed broad-based selling pressure with only a handful of sectors managing to close in positive territory. Nifty FMCG emerged as the top-performing sector, gaining 0.65%, followed by Nifty Auto, which advanced 0.18%. Defensive buying in consumer-oriented stocks helped these sectors outperform during a weak market session. On the downside, Nifty Media declined 2.68%, Realty fell 2.6%, PSU Bank lost 1.8%, Private Bank slipped 1.4%, IT declined 1.5%, Bank fell 1.2%, and Pharma lost 1.3%, reflecting widespread weakness across key market segments. Among the Nifty constituents, Bajaj Auto, Nestle India, Tata Consumer, Power Grid Corporation, and ONGC emerged as top gainers, while InterGlobe Aviation, Jio Financial Services, Infosys, SBI, and Dr. Reddy’s Laboratories ended among the major losers.

The Bank Nifty index also remained under pressure during the session, mirroring weakness in private banking and financial stocks. The Nifty Bank Index declined 1.2%, while the Nifty Private Bank Index lost 1.4% and the Nifty PSU Bank Index slipped 1.8%. Selling in heavyweight banking counters contributed significantly to the broader market weakness. The banking space remained one of the key drags on market sentiment as investors reduced exposure to rate-sensitive sectors amid concerns over rising crude oil prices and currency weakness.

Markets witnessed a weak trading session with benchmark indices remaining under pressure throughout the day. Rising crude oil prices, a depreciating rupee, and broad-based profit booking weighed heavily on investor sentiment, resulting in a sharp decline across sectors. While FMCG and Auto stocks provided some support, weakness in Banking, Realty, Media, and IT sectors dominated market action. Going forward, the 23,900–23,800 support zone will remain crucial for Nifty. A sustained move below this range may lead to further downside, while a recovery above 24,100–24,200 would be required to restore positive momentum and improve market sentiment.

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