Mumbai, July 30, 2025: Benchmark indices extended their corrective phase for the second consecutive session following the recent steep sell-off. The Nifty opened on a firm note but faced resistance near the 24,900 marks, triggering profit booking that dragged the index to an intraday low of 24,772 during the mid-session. However, a late-stage recovery helped the index pare losses and settle at 24,855, registering a modest gain of 34 points or 0.14%. On the sectoral front, pressure was evident in media, auto, and realty counters, which declined between 0.5% and 1%. Conversely, selective buying interest was observed in IT and FMCG pockets, with both indices ending marginally in the green, up around 0.3%. Broader market performance remained muted — the Nifty Midcap 100 ended flat, while the Nifty Small cap 100 slipped by 0.5%, reflecting underlying caution among participants.

Nifty Outlook

Index formed a small, bodied candle with a lower shadow signaling consolidation after Wednesday strong pullback from the 100 days EMA amid oversold reading on the daily stochastic. Going ahead, index to consolidate in the range of 24,500-25,000 in the coming sessions. While a move above 25,000 will open further pullback towards the key resistance area of 25,250 being the almost identical high of the last 2 weeks. As mentioned in earlier editions key support is placed at 24,600–24,400 region being the confluence of the previous swing low, the 100-day EMA, and the 61.8% Fibonacci retracement level of the recent rally from 23,935 to 25,669.

Bank Nifty Outlook

Bank Nifty formed a small bear candle signaling consolidation amid stock specific action ahead of the monthly F&O expiry. The index has recently breached the immediate support zone of 56,200–56,400, which represented a short-term demand base formed by near-identical lows over the past two weeks. Index sustaining below the same will maintain corrective bias and is likely to extend decline towards the 55,500 marks in the near term. The 55,500–55,000 region emerges as a critical support cluster, coinciding with the 100-day EMA and key Fibonacci retracement levels of the prior up move—underscoring it as a high-probability demand zone where buyers may look to re-enter, potentially arresting the ongoing decline.

Attributed to Bajaj Broking