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Below the Quote on Pre-market comment for Tuesday July 21st by Sachin Gupta, VP - Technical Research, Choice Equity Broking 

Indian equity markets are expected to open on a cautious note amid mixed global cues, with investors likely to remain watchful ahead of fresh global triggers. Although the overseas environment remains uncertain, the domestic market continues to display resilience, with buying interest emerging at lower levels. The overall undertone remains neutral, and the benchmark indices are expected to witness a range-bound session with stock-specific action dominating trade.

The Nifty 50 ended Monday's session at 24,238.50, down 95.80 points (-0.39%), after a volatile yet range-bound trading session. The index opened on a weak note and slipped to an intraday low of 24,135.85 before attracting steady buying interest from lower levels. A gradual recovery during the second half helped trim a significant portion of the losses, although profit booking near the day's high of 24,266.10 prevented a positive close. The session reflected resilience in the broader market, with buyers continuing to defend lower levels despite cautious global sentiment.

From a technical perspective, the index formed a small-bodied bullish recovery candle with a long lower shadow, highlighting strong buying demand at lower levels. The RSI stands at 55.58, indicating that momentum continues to favour the bulls despite the ongoing consolidation. The Put-Call Ratio (PCR) improved to 1.09, reflecting a balanced-to-positive derivatives setup, while India VIX declined 1.29% to 12.98, suggesting volatility remains contained. Option chain data indicates strong Put writing at the 24,000–24,200 strikes, while Call writing is concentrated at the 24,300–24,500 strikes, reinforcing a near-term trading range. The expected range for Nifty is 24,000–24,300, with the overall bias remaining Sideways.

Bank Nifty settled at 57,945, down 576.40 points (-0.98%), after witnessing a sharp gap-down opening followed by a strong intraday recovery. The index found buying support near lower levels and recovered steadily through the second half, indicating that market participants continue to accumulate banking stocks around key support zones. Technically, Bank Nifty formed a recovery candle and continues to trade above its 20, 50, 100 and 200-day moving averages, keeping the broader trend constructive. The expected trading range for Bank Nifty is 57,400–58,100, with sustained support above the lower band likely to encourage further recovery.

Institutional activity remained supportive, with Foreign Institutional Investors (FIIs) remaining net sellers of Rs1,305 crore, while Domestic Institutional Investors (DIIs) were net buyers of Rs1,409 crore, helping absorb selling pressure and providing stability to the broader market.

Sectorally, Nifty PSU Bank, Pharma, Healthcare and Media outperformed during the session, reflecting selective buying interest in defensive and public sector themes. On the other hand, Private Bank, Financial Services, Auto and IT stocks witnessed profit booking, limiting the benchmark's upside.

Overall, the technical structure continues to remain healthy after Monday's session. As long as Nifty holds above the 24,000 support zone, the broader trend is expected to remain stable. Traders should continue adopting a stock-specific approach, while closely monitoring price action near the 24,300 resistance and 24,000 support for the next directional move.

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