Nifty 50, Sensex prediction today: Check how Indian stock market is expected to trade on 24 July

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Friday, tracking weakness in global markets, as a surge in crude oil prices stoked inflation fears and dampened sentiment.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 23,681 level, a discount of nearly 192 points from the Nifty futures’ previous close.

On Thursday, the Indian stock market ended lower for the fourth consecutive session, with the benchmark Nifty 50 slipping below 23,900 level.

The Sensex dropped 363.66 points, or 0.47%, to close at 76,391.39, while the Nifty 50 settled 126.65 points, or 0.53%, lower at 23,869.60.

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

Sensex formed a bearish candle on daily charts, and it is holding a lower top formation on intraday charts, which supports further weakness from the current levels.

“We are of the view that as long as Sensex is trading below the 76,500 mark, a weak structure is likely to continue. On the downside, the index could slip to 76,000 - 75,700. On the flip side, above 76,500, the sentiment could change,” said Shrikant Chouhan, Head of Equity Research, Kotak Securities.

Beyond this level, he believes Sensex could bounce back to 76,800 - 77,000 levels.

In the derivatives segment, the Nifty PCR stood at 0.68, indicating a cautious-to-bearish undertone.

“The highest Put Open Interest (OI) was concentrated at the 23,800 strike, while the highest Call OI was seen at the 24,000 strike, highlighting 23,700 – 23,750 as the immediate support zone and 23,950 – 24,000 as the first resistance area. Unless the Nifty 50 index reclaims higher levels, it is likely to trade within the 23,700 – 24,000 range, with the overall bias remaining sideways to bearish,” said Sachin Gupta, VP - Technical Research at Choice Broking.

Nifty 50 formed a small-bodied Doji candle on the daily timeframe, reflecting indecision after a volatile session. The index has now slipped below its 20-day, 50-day, 100-day and 200-day Exponential Moving Averages (EMAs), indicating deterioration in the broader technical structure and reaffirming bearish dominance.

“A small negative candle was formed on the daily chart with minor upper and lower shadow. Technically, this market action signals weakness in Nifty 50 with volatility. Nifty is on the way down to the crucial supports of around 23,700 - 23,650 levels (previous significant opening upside gap of 15 June and ascending trend line support),” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, this is going to be a crucial base and there is a possibility of sizable bounce back from the lower supports in the near term. Immediate resistance is placed at 24,000 levels.

Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in noted that the immediate support for the Nifty 50 index is placed around 23,800 – 23,750, followed by a stronger support zone near 23,650. On the upside, resistance is seen around 23,950 – 24,050. A sustained move above this range would be required to revive bullish momentum.

“The short-term trend remains under pressure, and traders should watch key support levels closely. Until a decisive recovery above resistance levels is seen, a cautious approach is advisable. Investors may continue to adopt a buy-on-dips strategy in fundamentally strong stocks while maintaining strict risk management,” said Arora.