Nifty 50, Sensex prediction today: Check how Indian stock market is expected to trade on 22 July

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Wednesday, amid high crude oil prices and persistent geopolitical tensions, despite upbeat global markets.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 24,109 level, a discount of nearly 72 points from the Nifty futures’ previous close.

On Tuesday, the Indian stock market extended losses for the second consecutive session, with the benchmark Nifty 50 closing below 24,200 level.

The Sensex dropped 238.41 points, or 0.31%, to close at 77,470.11, while the Nifty 50 settled 50.80 points, or 0.21%, lower at 24,187.70.

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

Sensex continued to form indecisive candlestick patterns, suggesting that the current range could break in either direction.

“Sensex is currently facing resistance near higher levels, while profit booking and external uncertainties are limiting fresh upside momentum. Immediate support is placed in the 77,100 – 77,200 zone, while resistance is seen around the 77,800 – 77,900 region,” said Sachin Gupta, VP - Technical Research, Choice Equity Broking.

He believes a sustained move above resistance could revive bullish momentum, whereas a breach below support may trigger further consolidation in the short term.

Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in said that the immediate support for Sensex is placed around 77,300 – 77,100 levels, while resistance is seen near 77,700 – 77,900.

“A decisive breakout above the resistance zone would reinforce the prevailing positive trend,” said Arora.

On the derivatives front, India VIX declined 2.93% to 12.60, signalling subdued volatility and indicating that traders continue to avoid aggressive directional positioning.

“Option chain data shows maximum Put Open Interest (OI) at the 24,200 strike, followed by 24,000, reinforcing a strong support base. Meanwhile, maximum Call OI is concentrated at the 24,200 strike, followed by 24,500, highlighting a significant equilibrium zone where both buyers and sellers are actively defending their positions, making this level crucial for the index’s next directional move,” said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Overall, the technical and derivatives setup continues to favour a range-bound trading strategy, he added.

Nifty 50 index formed a small-bodied candle on the daily chart with shadows on both sides, indicating indecision and a lack of clear directional bias at current levels.

“Technically, this market action signals a range bound action with weak bias. The lows of 24,135 have been tested twice in the last couple of sessions indicating an emergence of minor buying from the lows, which is also coincided by the support of 10-day EMA,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.