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Below the Quote on Pre-market comment for Tuesday July 15 by Sachin Gupta, VP-Technical Research at Choice Broking

Indian equity markets are expected to open on a mildly positive note, with Gift Nifty trading at 24045, up by 30 points. Global cues remain broadly positive, with Wall Street and European markets ending firm overnight and Asian peers such as the Nikkei and Hang Seng also indicating a constructive tone in early trade. Despite the supportive global backdrop, the marginally positive Gift Nifty suggests a subdued good start for domestic equities, with the broader bias expected to remain sideways to bullish during the session.

In the previous session, the Nifty 50 opened with a gap-down at 24,068, recovered in the first half of the session. The index slipped to an intraday low of 24,023.70 closing slightly below the opening levels, touching a high of 24,157 and finally settling at 24,052.05, down 158.95 points or 0.66%. The decline reflects continued caution in the underlying structure even as the index remains confined within its recent consolidation range.

From a technical standpoint, the index continues to hold above the psychologically important 23,900 zone, reinforcing it as a strong near-term support, while selling pressure persists on rallies towards 24,250. The overall price structure remains range-bound, with the index yet to establish a decisive directional bias after fifth consecutive sessions of consolidation between 23,800 and 24,300.

Momentum indicators remain in a neutral-to-cautious zone. The Nifty PCR eased to 1.06, slightly above the neutral threshold of 1.0, indicating a mildly positive undertone among options participants, while India VIX held at around 13.75 with increase in 3.54%, reflecting moderate volatility that remains within a comfort zone for option sellers. A sustained move higher in VIX from these levels would need to be watched closely given the fragile global backdrop.

The immediate trading range for the Nifty is expected between 23,900 and 24,250. On the upside, a decisive move above 24,250 could open the path towards 24,400–24,500, while on the downside, a breach below 23,900 could drag the index towards the crucial 23,800–23,700 support zone. Given the overall sideways bias, the index is likely to remain confined within this band unless a fresh catalyst emerges.

Option chain positioning continues to indicate strong support around the 24,000 strike, where put writers remain active, while meaningful call writing is concentrated in the 24,200–24,300 zone, capping immediate upside. A breakout beyond this resistance band could trigger short covering and accelerate any upward move, though the current setup favours range-bound activity.

Bank Nifty also witnessed a weak session, opening lower at 57,832 amid broad-based selling in banking and financial stocks. The index touched a high of 57,840 but failed to sustain higher levels, sliding through the session to close at 57,462.30, down 669.15 points or 1.15%. The Bank Nifty PCR at 1.08 remains fairly in positive, suggesting options positioning in banking names is comparatively positive. The expected trading range for Bank Nifty today is 57,000–58,200.

Overall, the technical setup points to a sideways to bullish bias for the session, with a cautious opening indication from Gift Nifty despite an otherwise positive global backdrop. The index continues to hold within its established range, but a decisive move outside the 23,900–24,250 zone is needed to establish clear directional momentum. Traders are advised to track crude oil prices and geopolitical developments closely, as these remain the key swing factors for the session.

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