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Below the Quote on Pre-market comment for Thursday July 16 by Sachin Gupta, VP-Technical Research at Choice Broking

Indian equity markets are expected to open on a steady note, with Gift Nifty trading around 24,085, up by 43 points, indicating a mildly firm start for domestic indices. Global market sentiment remains mixed, with overnight cues from the US and Asia offering no clear direction, even as crude oil prices and geopolitical developments in West Asia continue to be tracked closely. Following Wednesday's choppy session where early gains were pared through the day, the mixed Gift Nifty trend suggests the market may extend its consolidation in early trade, with the broader bias tilting sideways to bullish.

Nifty ended on a marginally positive note on 15th July 2026, closing at 24,078.50, up 26.45 points or 0.11%, after surrendering most of its sharp morning gains. The index opened on a steady note near 24,086, broke above the 24,200 mark in early trade on buying interest in banking and financial stocks, touched an intraday high of 24,220, but profit booking at higher levels dragged it back to an intraday low near 24,010 before it recovered to settle just above the flat line. Technically, the formation of a small-bodied candle after an early rally reflects continued indecision at higher levels, while India VIX eased further to 13.27, down 3.49%, indicating a further cooling in market volatility. Immediate support is placed around the 23,900–23,850 zone, while resistance is seen near the 24,200–24,250 range.

Bank Nifty ended on a positive note on 15th July 2026, closing at 57,757.85, up 295.55 points or 0.51%, amid a rebound in banking and financial stocks after the previous session's weakness. The index opened with a mild gap-up near 57,645, advanced through the session on buying in PSU and private banks, touched an intraday high close to 58,148, but eased off highs to settle well off the day's peak. Technically, the recovery reflects improving short-term sentiment, though sustained follow-through buying is needed to confirm a stronger trend. Immediate support is placed around the 57,300–57,500 zone, while resistance is seen near the 58,200–58,500 range.

Foreign Institutional Investors (FIIs) turned net sellers on 15th July 2026, offloading Indian equities worth Rs 735.83 crore, reflecting some caution amid the mixed global backdrop. Meanwhile, Domestic Institutional Investors (DIIs) continued their buying streak, investing Rs 704.93 crore in equities, providing strong support to the broader market and helping absorb the FII outflows.

Despite the mixed global cues, the steady Gift Nifty trend and strong DII support indicate the possibility of a sideways-to-bullish session at the opening. The immediate trading range for the Nifty is expected between 23,850 and 24,250, while Bank Nifty is likely to trade within the 57,300–58,500 band. Volatility is likely to stay contained given the cooling VIX, and market direction will depend on the ability of benchmark indices to sustain above key support levels. A decisive move beyond immediate resistance could help restore near-term buying momentum.

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