According to CNBC TV18 analysts, the Nifty could rise to the 24,500-24,600 zone following its strong performance, with the index extending gains on Thursday (July 30) to end 66 points higher at 24,317. The index opened on a flat note and traded in a narrow range before witnessing strong buying in the final hour, recovering nearly 115 points from the day's low to end firmly in the green. As reported by CNBC TV18, the Nifty has now rallied 737 points from last Friday's low of 23,580 and continues to trade above its 20-, 50- and 100-day exponential moving averages, signalling sustained bullish momentum. The daily momentum indicator has triggered a fresh positive crossover, which serves as a buy signal for the continued upward movement. According to Choice Broking's Sachin Gupta, the Nifty maintained a constructive bias throughout the session after overcoming the 24,250 resistance level, which coincided with the highest Max Pain in Open Interest. The index formed a bullish green candle for the fifth consecutive session, reflecting sustained buying interest and strengthening market sentiment after the recent correction. Angel One's Rathi notes that the on-going consolidation is highlighted by the formation of a 4-Column Triangle on the Daily 1% × 3 Point & Figure chart, reaffirming the absence of a decisive directional breakout, while the successful defense of the upward-sloping trendline in the 23,600–23,550 band reflects strong buying interest at lower levels.
According to CNBC TV18 analysis, the upmove is expected to continue towards the 24,500-24,600 zone with immediate support at 24,200, below which momentum could weaken. The index tested the key resistance zone around 24,368, where the 200-day moving average coincides with the previous swing high. A sustained move above 24,368 could pave the way for an advance towards 24,530, while the 24,040-24,140 zone is expected to provide immediate support on any decline. Angel One's Rathi believes that a decisive breakout above the 24,600-mark would signal an intermediate shift in control towards buyers, while a subsequent move above 24,850 would confirm the resumption of the primary uptrend and potentially pave the way for a retest of the all-time highs. From ICICI Securities' Jay Thakkar's perspective, the short-term trading range is established at 24,000-24,600, while the broader range remains 23,500-24,600. The immediate hurdle is at 24,350, which is the recent swing high, and a move above this could pave the way for 24,600, coinciding with the 200 DEMA. Thakkar notes that a decisive breakout above key resistance levels could open the door for Nifty to target the 25,000 mark and beyond, with the probability of an upside breakout appearing higher based on improving technical indicators, improving foreign investor positioning, and resilient market sentiment. Kotak Securities' Amol Athawale expects the 24,500-24,550 zone to act as immediate resistance, with a successful breakout potentially pushing the market towards 24,700. On the downside, 24,000 will act as the key support zone, below which the uptrend will become vulnerable.
According to CNBC TV18, among the Nifty50 constituents, Mahindra & Mahindra, Coal India and Eicher Motors emerged as the top gainers, while Adani Ports, HDFC Life Insurance and Shriram Finance were the biggest laggards. Sectoral trends were mixed, with Auto, IT, and Media leading the advances, while Realty, Chemicals, and Financial Services witnessed profit booking and underperformed, indicating selective sector rotation. The broader markets underperformed the benchmark, with the BSE SmallCap Select index dipping 0.66% and the MidCap Select index edging lower by 0.36%. As reported by Choice Broking's Sachin Gupta, Auto, IT, and Media emerged as the top-performing sectors during the session, while Realty, Chemicals, and Financial Services witnessed profit booking. According to Choice Equity Broking's Hitesh Tailor, the market witnessed buying interest in Auto, Information Technology, Oil & Gas, Energy, Consumer Discretionary and Metals, while Capital Goods, Realty, Industrials, Healthcare and Financial Services ended in the red. According to ICICI Securities' Jay Thakkar, most Nifty constituents have performed well, barring pockets such as Metals, FMCG, Oil & Gas, and Energy. Heavyweights like HDFC Bank and Reliance Industries continue to underperform and are capping index gains, with any recovery in these stocks potentially helping Nifty decisively cross 24,600. The BSE Sensex and the NSE Nifty seem poised to end July on a positive note, with gains of around 2% apiece, as of July 30 (Thursday), as both benchmark indices will be registering back-to-back month of gains. Indian equity benchmarks extended their gains in noon trade on Friday after a muted start, led by buying in auto and pharma stocks, with the BSE Sensex up 304 points, or 0.4%, at 78,236, while the NSE Nifty50 gained 99.85 points, or 0.41%, to trade at 24,417.00.
According to CNBC TV18, Bank Nifty opened lower and extended its decline during the first half, slipping to an intraday low of 56,769, before strong buying at lower levels helped the index recoup most of its losses. The index ended 0.10% lower at 57,148, continuing to consolidate within the 56,672-57,330 range over the last four sessions. As reported by Choice Equity Broking's Hitesh Tailor, the Sensex has formed a strong bullish candlestick on the daily chart, recovering from lower levels and closing near the day's high, indicating buying interest at lower levels. According to SBI Securities's Sudeep Shah, immediate resistance is placed in the 57,500-57,600 zone, with a sustained move above this range potentially triggering a rally towards 58,000, followed by 58,400. On the downside, immediate support is seen between 56,600 and 56,700. The underperformance may not continue for long as key heavyweight HDFC Bank has managed to close above its previous three-day high, indicating buying interest that should help Bank Nifty gain momentum going ahead. Kotak Securities' Amol Athawale notes that the Nifty Bank index is facing indecision and non-directional activity, with traders likely waiting for a breakout at either end. On the upside, the 200-day SMA or 57,500 would be the immediate resistance zone, while sustaining above this can lead to an upmove towards 58,000-58,500. On the downside, the 50-day SMA (around 56,600) acts as a key support level, with below this, selling pressure may accelerate and the index could retest levels of 56,000-55,800.
According to Axis Securities' Rajesh Palviya, the Nifty 50 advanced nearly 2.6% in the past week and has the potential to move higher towards the 24,500-24,600 and then the 25,000 levels. The recommended strategy for Nifty options for the 11 August 2026 expiry is a Call Spread, ideal for a moderately bullish market outlook. The trader buys one lot of the 24,400-strike Call option at a premium of ₹165-₹145 and simultaneously sells one lot of the 24,700-strike Call option at a premium of ₹55-₹65. This strategy limits both risk and reward, creating a defined range for outcomes with a break-even point at 24,510, maximum potential loss of ₹7,150 and maximum profit of ₹12,350. Religare Broking's Ajit Mishra advises a buy-on-dips strategy in the 24,200-24,300 zone with a stop loss at 24,100, while on the upside, the index has the potential to move towards 24,500-24,600 initially, followed by the 25,000+ level. For specific stock recommendations, Asit C. Mehta Investments' Rohan Shah suggests Jio Financial Services (buy at ₹256.5, target ₹270-275, stop loss ₹245) and Hero MotoCorp (buy at ₹5,386, target ₹5,650-5,700, stop loss ₹5,200-5,180). Axis Securities' Ashok Leyland pick is Ashok Leyland (buy at ₹166, target ₹182, stop loss ₹158) and Havells India (buy at ₹1,261, target ₹1,400, stop loss ₹1,195). Religare Broking's Bharti Airtel recommendation is Bharti Airtel (buy at ₹1,972, target ₹2,090, stop loss ₹1,910) and Sona BLW Precision Forgings (buy at ₹769.40, target ₹840, stop loss ₹735).
