Nifty Prediction Today – July 23, 2026: Nifty futures: Support comes under test, go short if breached
AI Summary
Nifty 50 opened lower at 23,905, down 0.4% in early trading, with a bearish advance/decline ratio of 15/35. The index is testing support at 23,900, and if breached, could decline further to 23,600, while a recovery could push it up to 24,150. Investors are advised to consider short positions if Nifty futures fall below 23,880.
Nifty 50 began today’s session with a gap-down at 23,905 versus yesterday’s close of 23,996. The index is now hovering around 23,900, down about 0.4 per cent in today’s early trade.
The advance/decline ratio of Nifty 50 stands at 15/35, showing a bearish bias. Eternal (up 1.1 per cent) is the top gainer followed by Hindalco Industries (up 0.8 per cent). On the other hand, Dr Reddy’s Laboratories (down 3 per cent) is the top loser followed by Nestle India (down 2.3 per cent).
Within sectors, only Nifty Auto, Nifty Media and Nifty Metal are in the green. But the gains have been only a minor 0.1 per cent each. Otherwise, majority of the sectoral indices are in the red led by Nifty Realty, down 1.2 per cent followed by Nifty Pharma, down 0.9 per cent.
Overall, there is a bearish inclination today and so, Nifty futures is likely to experience downward pressure.
The July expiry Nifty futures began today’s session lower at 23,880 versus yesterday’s close of 23,988. It is now hovering around 23,900, down 0.3 per cent.
After the initial decline yesterday, Nifty futures remained flat through the session. While we expected to see a minor recovery on the back of the support of 24,000-23,900 price band, it did not happen.
Today, the contract has opened with a gap-down and is now testing the support at 23,900. Since Nifty futures is not able to rebound from the current support levels, the bears are gaining traction gradually.
If the contract breaches the support at 23,900, the outlook can become bearish. This can potentially lead to a fall to 23,600. A breach of this can lead to a decline to 23,250. However, if there is a recovery from the current level of 23,900, Nifty futures can rise to 24,150.
Nevertheless, at the moment, the bears are gaining momentum and the likelihood of Nifty futures slipping below 23,900 is high.
Wait for Nifty futures to slip below today’s low of 23,880 and then go short with a stop-loss at 24,030. Book profits at 23,600.
In case, after the trade is initiated, neither the target nor the stop-loss is triggered today, consider carrying the position for Friday.
Original Article
Published on Hindu BusinessLine