Nifty Prediction Today – July 24, 2026: Nifty futures: Support invalidated, turns bearish
AI Summary
Nifty 50 opened lower at 23,666, down nearly 1% from the previous close, with a bearish market sentiment as the advance/decline ratio indicates weakness. Key sectors are primarily in the red, with Nifty Realty and Nifty Auto leading the losses. Traders are advised to short Nifty futures at 23,700, with a stop-loss at 23,820 and a profit target at 23,400, as further declines are anticipated.
Nifty 50 began today’s session with a gap-down at 23,666 versus yesterday’s close of 23,870. The index is now hovering around 23,650, down nearly 1 per cent.
The advance/decline ratio stands at 8/42, showing a bearish bias. Cipla, up 2.3 per cent, is the top gainer followed by HCL Technologies, up 1 per cent. On the other hand, Infosys, down 1.1 per cent, is the weakest stock in Nifty 50 so far today, followed by ICICI Bank, down 0.9 per cent.
Among the sectors, barring Nifty FMCG (up 0.1 per cent), all others are in the red. Nifty Realty, down 1.7 per cent, and Nifty Auto, down 1.3 per cent, are the top losers.
Overall, the bias is clearly bearish, especially considering that Nifty 50 has slipped below 23,800. Thus, Nifty futures is likely to see further decline today.
The July expiry Nifty futures began today’s session lower at 23,700 versus yesterday’s close of 23,874. It is now hovering around 23,660, down 0.9 per cent.
The contract has breached the support at 23,900 clearly and this has opened the door for further fall. Although 23,600 is a support, given the momentum, Nifty futures might drop below this level. Notable support below 23,600 is at 23,250.
That said, if Nifty futures recovers from the current level, it can face resistance at 23,900 and 24,000. Only a move above 24,000 can turn the outlook positive. However, the likelihood of this is low.
Short Nifty futures (Jul) at 23,700. Place stop-loss at 23,820. Book profits at 23,400. In case neither target nor stop-loss is triggered by the end of the session, traders can exit this trade just before the session close.
Original Article
Published on Hindu BusinessLine