The Indian stock market is expected to trade cautiously on Wednesday, July 15, as investors react to the latest US inflation data, which reinforced expectations that the Federal Reserve may keep interest rates elevated for longer. According to Goodreturns, Indian equities are expected to trade sideways with some volatility expected in the near term amid escalating geopolitical tensions in West Asia, Brent crude oil prices remaining above USD 85/bbl and weak global cues. The BSE Sensex fell 0.66% to settle at 77,054, while the NSE Nifty 50 declined 0.66% to close at 24,052 on Tuesday, with broad-based profit booking dragging the market towards the day's low. Global risk sentiment deteriorated after the latest developments, with the market reacting to reports that the US reinstated a naval blockade on Iranian shipping through the Strait of Hormuz and announced a 20% transit fee on cargo passing through the strategic waterway. This has triggered fresh fears of disruptions to global energy supplies and a sharp surge in crude oil prices, stoking inflation fears. The previous session saw strong performance with Sensex gaining 47.01 points, or 0.06%, to close at 77,616.40, while Nifty 50 settled 4.10 points, or 0.02%, higher at 24,211.00. As per Enrich Money, sentiment remained fragile as elevated crude oil prices kept inflation concerns alive, while investors also awaited the release of US consumer inflation data and Federal Reserve Chair Kevin Warsh's Congressional testimony for further policy cues.
The July futures contract is currently trading around 24,007 with key resistance levels at 24,170, 24,380, and 24,550. As reported by ET Now, technical analysts now identify the 24,300-24,400 zone as the immediate resistance area, with Nifty forming a bullish candle after the sharp rebound. The index has formed a small-bodied bullish candlestick with a long upper wick, reflecting indecision and selling pressure at higher levels following the recent recovery. The index continues to hover around its key short-term moving averages, indicating a phase of consolidation within the prevailing trend. According to Bajaj Broking Research, the Nifty has entered a consolidation phase after snapping its three-session winning streak, forming a small bearish candle with a long upper shadow, indicating selling pressure at higher levels amid elevated crude oil prices and weak global markets. The immediate support zone lies between 24,000 and 23,950, with a sustained hold above these levels potentially triggering a recovery towards 24,250-24,350 levels being the upper band of the recent consolidation range. Only a decisive breakout above 24,350 would indicate renewed bullish momentum and open the door for a move towards 24,600, which marks the high recorded in April 2026. The 23,750-23,800 zone is likely to act as immediate support, while 24,450-24,500 remains a critical resistance band. Immediate resistance for the index is placed at 24,150, above which it can extend up move to 24,250-24,350 levels, as noted by Kotak Securities.
The Nifty 50 ended Tuesday's session 158 points lower at 24,052, snapping its three-session winning streak. According to CNBC TV18, the benchmark index opened 143 points lower and attempted to recover from the day's low during the first half of the session. However, selling pressure resurfaced in the latter half, dragging the index nearly 123 points from its intraday high before it settled in the red. Among the Nifty 50 stocks, Bharti Airtel, Apollo Hospitals and Sun Pharma emerged as the top gainers, while HCL Technologies, Shriram Finance and HDFC Life were the biggest losers. Sectoral performance remained mixed, with pharma, healthcare and metal stocks bucking the broader weakness to end higher, whereas realty, PSU banks and auto stocks were the worst-performing sectors. The weakness was also reflected in the broader markets, with the Nifty Midcap 100 and Nifty Smallcap 100 declining 0.44% and 1.01%, respectively. As per Goodreturns, investor sentiment remained under pressure after Brent crude oil prices climbed above $85 per barrel, adding to inflation concerns amid escalating geopolitical tensions. A bearish candle on daily charts and a lower top formation on intraday charts indicate further weakness from the current levels, as warned by Kotak Securities.
According to Livemint, Bank Nifty ended 85.55 points, or 0.15%, higher at 58,131.45 on Monday, forming a bullish candle pattern on the daily chart, indicating buying interest at lower levels. However, the Bank Nifty also ended Tuesday's session on a weak note, forming a bearish candle with a lower high and a lower low after breaking its three-session winning streak, slipping below the 57,500 mark. The July futures contract is currently trading around 57,500 with key resistance at 57,500, 58,000, and 58,300, while support is placed at 57,000, 56,500, and 56,300. The index has entered a consolidation phase following Wednesday's sell-off, with the current range between 56,300 on the downside and 58,600 on the upside. As per Bajaj Broking Research, the index in the last 5 weeks is seen consolidating in the range of 58,700-56,500, with the 56,500 level remaining a crucial support area as it coincides with the 20-week and 50-week EMAs, along with the previous week's low. The rally was led by IT and realty stocks, with the Nifty IT index rising around 2% to emerge as the top-performing sector. Nifty Realty index jumped over 3%, followed by Nifty PSU Bank, which surged 3%. Among Nifty constituents, IT stocks led the gains, with TCS, HCL Tech, and Tech Mahindra emerging as the top performers, while Grasim, Tata Steel, and Nestle came under selling pressure and closed as the session's key laggards.
As reported by The Economic Times, analysts maintain a positive outlook on Nifty and continue to recommend a buy-on-dips strategy. SOMIL MEHTA from Mirae Asset Sharekhan suggests the index may move towards the 24,300-24,600 zone as long as it stays above the key support level of 23,800. DHUPESH DHAMEJA from Samco Securities recommends a Bull Put Spread strategy for Nifty, selling the 24,400 Put and buying the 24,200 Put for the 14 July expiry. HITESH RATHI from Angel One suggests traders may consider adopting a buy-on-dips strategy by accumulating Nifty on declines towards the 24,100-24,000 zone with a stop loss below 23,800 and upside target of 24,300-24,400. According to ET Now, Hitesh Tailor from Choice Broking notes that the Nifty's ability to rebound after a gap-down opening reflects sustained buying interest at lower levels, with immediate support placed at 24,000–24,050 and 24,400–24,450 as key resistance zone. Nandish Shah from HDFC Securities suggests the range of 24,300 on the upside and 24,000 on the downside remains crucial, with a decisive breakout above 24,350 potentially triggering an up move towards 24,530, while a breakdown below 24,000 may lead to a retest of the 23,800-support zone. Specific stock recommendations include BEML at ₹1,862.6 targeting ₹1,930-1,960, Blue Star at ₹1,662 targeting ₹1,730-1,768, Steelcast at ₹312 targeting ₹340, Sobha at ₹1,511 targeting ₹1,680, and Grasim Industries at ₹3,210-3,200 targeting ₹3,500-3,550.
