Nifty Prediction Today – July 16, 2026: Nifty 50 Futures: Stuck inside the range. Stay out

Nifty 50 continues to oscillate within its sideways range. 23,000-24,270 has been the trading range since last Friday. Within this range, the index is attempting to bounce. It is currently trading at 24,135, up 0.23 per cent. The advances/declines ratio is at 32:18.

Since the index continues to remain stuck inside the range, there is no major change in the view. A breakout on either side of 24,000-24,270 will decide the next direction of move.

Our preference is to see a bullish breakout above 24,270. Such a break can take the Nifty higher to 24,350-24,400. It will also keep the upside open to see 24,600 and higher levels eventually.

In case the index declines below 24,000, a fall to 23,900-23,800 will come into the picture.

The Nifty 50 July Futures (24,140) is up 0.3 per cent.  The 24,000-24,300 range remains intact. Within that the contract is moving up. We will have to wait for a breakout of this range to get clarity on the next move.

A break above 24,300 will be bullish to see 24,400 initially and 24,600-24,700 eventually. On the other hand, a break below 24,000 can take the contract down to 23,950. A further break below 23,950 will increase downside pressure and drag it down to 23,850-23,800,

We retain our positive bias. So, we expect the Nifty 50 July Futures contract to make a bullish breakout above 24,300.

Since the contract is stuck inside the range, we suggest traders to stay out of the market.