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Below the Quote on Technical Market Commentary for July 22nd, 2026 by Jatin Gedia - VP, Technical Research Teji Mandi Investment Technologies Pvt Ltd

Nifty opened on a negative note and drifted lower throughout the day, closing down 191 points at 23996. It broke below the nine day consolidation range (24000 - 24350) and the 20 day moving average (24119) indicating weakness. The next support zone is 23800 - 23750 which coincides with the previous swing low (23805) and the 20 week average (23752). The daily momentum indicator has a negative crossover which signals a sell. So, we expect the Nifty to trade with a negative bias and drift towards 23800 - 23750. On the upside, 24119 - 24150 which was acting as a support shall now act as resistance due to the role reversal principle. The Put Call Ratio (PCR) declined from 0.92 to 0.74 indicating bearish positioning. Call strikes between 24200 and 24000 saw an addition in open interest suggesting resistance. Thus, considering the technical structure and the derivatives positioning we expect the Nifty to trade with a negative bias over the next few trading sessions.

Bank Nifty also broke down an eight-day consolidation (57300 - 58600) on the downside, suggesting a range breakdown. Momentum indicator has a negative crossover which is a sell signal. We expect the Bank Nifty to drift towards 56530 - 56500, which coincides with the 38.2% Fibonacci retracement level (56537) of the 53027 - 58700 rally and the 56509 (20-week average). 57500 CE added huge open interest suggesting resistance. PCR reduced from 0.89 to 0.77 indicating bearish positioning. Thus, technical and derivative data points suggest weakness going ahead. 

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