The market is expected to remain range-bound with a negative bias on July 24, as reported by technical analysts. According to market data, benchmark indices ended lower for the fourth consecutive session with the Nifty 50 declining 0.53% to close at 23,869.60, slipping below the crucial 24,000 mark, while the Sensex fell 0.47% to settle at 76,391.39. The Nifty 50 formed a small-bodied Doji candle on daily charts, reflecting indecision after a volatile session, and has now slipped below its 20-day, 50-day, 100-day and 200-day Exponential Moving Averages (EMAs), indicating deterioration in the broader technical structure. India VIX eased to 12.54, a multi-week low, indicating that fear has cooled meaningfully since Monday's sharp swings. GIFT Nifty is trading lower at around 23,681 level, a discount of nearly 192 points from the Nifty futures' previous close, indicating a gap-down start for domestic equity markets. Participants continue to monitor geopolitical tensions in West Asia, Brent crude oil prices stoking inflation fears and hovering near a six-week high above US$98/bbl, weakness in the rupee (around ₹96.6/US$), and persistent Foreign Institutional Investor selling as key market drivers. On the NSE, 2,063 shares declined compared with 910 shares that advanced, with bears firmly favoring the market breadth.
Prestige Estates Projects (CMP: ₹1,706.9) is recommended as a buy with a target of ₹1,830 and stop-loss at ₹1,650. As reported by Kotak Securities, the stock is gaining traction after a remarkable rally with a breakout from consolidation structure indicating bullish continuation. Bajaj Finance (CMP: ₹1,069.2) is suggested as a buy with target of ₹1,150 and stop-loss at ₹1,030, benefiting from a rising channel formation and steady recovery from short-term moving averages. Britannia Industries (CMP: ₹5,482) shows strong performance with a target of ₹5,765 and stop-loss at ₹5,235, having outperformed its sector with a 4% rebound after testing key support levels.
ICICI Bank (CMP: ₹1,463.10) closed up 0.2% today, marking its fourth straight positive session even as the broader banking sector stayed mixed. According to Univest analysts, the stock shows RSI at 65.8 and a strongly positive MACD histogram of 47.7, both comfortably below overbought territory. UltraTech Cement (CMP: ₹12,094.00) surged 1.6% today, extending its status as the market's freshest momentum story with RSI at 65.8 and strong technical indicators. Sun Pharma (CMP: ₹1,961.90) added 0.28% today, extending its multi-day defensive climb with targets of ₹1,995 and ₹2,025 and stop loss at ₹1,910.
Nuvama Wealth Management Ltd. (CMP: ₹1,944.00) has received multiple buy recommendations from market experts. Angel One's Osho Krishan recommends buying at current market price with a stop-loss at ₹1,900 and target of ₹2,000, while Centrum Finverse's Nilesh Jain suggests buying in the ₹1,925-₹1,947 range with stop-loss at ₹1,799 and an aggressive target of ₹2,250. Samvardhana Motherson International Ltd. (CMP: ₹146.05) is recommended by Centrum Finverse's Nilesh Jain with a stop-loss at ₹140 and target price of ₹155.50. Manappuram Finance Ltd. (CMP: ₹353.20) is suggested by the same analyst with a stop-loss at ₹344 and target of ₹369. India Glycols Ltd. (CMP: ₹1,171.00) is recommended by Angel One's Osho Krishan in the ₹1,160-₹1,170 range with stop-loss at ₹1,130, targeting ₹1,220 initially and ₹1,245 higher. Lloyds Metals and Energy Ltd. (CMP: ₹1,940.00) is recommended by Sachin Janardan Sarvade in the ₹1,910-₹1,930 range with stop-loss at ₹1,789 and an ambitious target of ₹2,222.
Bharat Dynamics (CMP: ₹1,273.2) is positioned as a buy with target of ₹1,360 and stop-loss at ₹1,230, currently near oversold territory with RSI indicating potential rebound. Mahindra & Mahindra (CMP: ₹3,201.7) shows gradual bullish recovery with targets of ₹3,260, ₹3,300, and ₹3,350 and stop-loss at ₹3,080, forming higher highs and higher lows pattern. Central Mine Planning & Design Institute (CMP: ₹264.7) is recommended with targets of ₹275, ₹288, and ₹295 and stop-loss at ₹238, having witnessed strong breakout from consolidation zone with significant volume increase. Technical indicators show RSI at 60.6 suggesting positive momentum with room for further upward movement.
Bank Nifty index ended lower by 534.80 points, or 0.94%, at 56,592.00 on Thursday, forming a strong bearish candlestick on the daily chart, and closing below its 200-day moving average. According to SBI Securities, momentum indicators continue to reflect weakness, with the daily RSI placed at 44.20 and trending lower, suggesting that bearish momentum is still prevalent. The index is now testing the 38.2% Fibonacci retracement level, placed at 56,540, which has held so far but remains under pressure. SAMCO Securities notes that on the hourly chart, the breakdown extended through the session, with the index slipping below the 56,900 zone that had acted as support over the past two weeks. On the upside, 57,000 now serves as the immediate resistance, while the 56,100 - 56,000 zone is expected to serve as a critical support area for Bank Nifty. A decisive and sustained break below 56,000 could intensify selling pressure and drag the Bank Nifty index towards the 55,400 level.
