Nifty 50, Sensex prediction today: Check how Indian stock market is expected to trade on 17 July

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to see a steady opening on Friday, tracking weakness in global markets, as investors remain cautious over the rising crude oil prices and the selloff in semiconductor stocks.

The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 24,098 level, a premium of nearly 2 points from the Nifty futures’ previous close.

On Thursday, the Indian stock market ended flat, with the benchmark Nifty 50 holding above 24,000 level.

The Sensex ended 1.44 points higher at 77,186.87, while the Nifty 50 settled 5.75 points, or 0.02%, lower at 24,072.75.

Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:

Sensex formed a small candle on the daily charts and non-directional activity on intraday charts, indicating indecisiveness between the bulls and the bears.

“We are of the view that, as long as Sensex is trading within the 77,000 to 77,500 range, the range-bound texture is likely to continue. On the positive side, above 77,500, the index could move till 77,800 - 78,000. On the downside, below 77,000, selling pressure is likely to accelerate,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Below this level, he believes Sensex could retest 76,500 - 76,300 levels.

Significant Nifty Call Open Interest (OI) was concentrated at the 24,100 – 24,200 strikes, while Put Open Interest remained strong at the 24,100 – 24,000 strikes, highlighting the 24,000 zone as a key support area. Immediate support is placed at 23,900 – 23,950, while 24,250 – 24,300 continues to act as the major resistance zone, said Sachin Gupta, VP - Technical Research at Choice Broking.

Nifty 50 formed a reasonable negative candle on the daily chart with minor upper shadow.

“Technically, this market action signals a range bound movement for the short term. As long as the support of around 24,000 and 23,800 holds on any weakness, there is a possibility of bounce back towards 24,200 and next 24,600 levels in the near term,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the immediate support for Nifty 50 is at 24,000.

Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in noted that the Nifty 50 index continues to trade above the 24,000 mark, with immediate support placed around 24,000 – 23,950, followed by 23,850.

On the upside, he added, resistance is seen near 24,200 – 24,300, and a sustained move above this zone could attract fresh buying momentum.

“The market is witnessing a phase of consolidation after recent volatility, with benchmark indices continuing to hold above their crucial support levels. As long as these levels remain intact, the broader outlook stays constructive. Traders may continue to adopt a buy-on-dips strategy while maintaining disciplined risk management,” said Arora.