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Below the Quote on Pre-market comment for Friday Juyly 17 by Sachin Gupta, VP-Technical Research at Choice Broking

Indian equity markets are expected to open on a flat to cautiously positive note, with Gift Nifty trading around 24,100, up 5 points, indicating a subdued start for domestic equities. Global cues remain negative, which may keep investor sentiment cautious during the opening hour. Despite the weak overseas backdrop, the domestic market continues to hold above important technical support levels, suggesting that the broader trend remains stable. However, the absence of strong follow-through buying and persistent profit booking near higher levels may keep the market confined to a range-bound trajectory through the session.

In the previous session, the Nifty 50 ended almost unchanged at 24,072.75, down 5.75 points (-0.02%), after another volatile and range-bound trading session. The index opened on a marginally positive note and traded within a narrow range before touching an intraday high of 24,186.50. Selling pressure during the latter half dragged the index to an intraday low of 24,050.00, although buying interest near lower levels helped recover most of the losses before the close. The intraday price action reflected a lack of strong directional conviction, with buyers consistently defending the 24,000–24,050 zone while profit booking continued near higher levels.

From a technical standpoint, the index continues to trade above its key short-term moving averages, suggesting that the broader recovery structure remains intact despite the ongoing consolidation. The RSI eased marginally to 52.15, remaining above the neutral 50 mark and indicating that the underlying momentum continues to favour the bulls. MACD also remains in positive territory, although the flattening histogram suggests that bullish momentum has moderated and the market may require a fresh trigger for the next directional move. The Nifty PCR stood at 1.07, reflecting a mildly bullish undertone in the derivatives segment, while India VIX at 12.88 down by 2.92%, continues to remain around comfortable levels, indicating that market volatility remains contained despite geopolitical uncertainties.

The immediate trading range for the Nifty is expected between 23,800 and 24,000. The index is likely to witness buying interest around the lower end of the range, while resistance near the 24,000 zone may continue to cap immediate upside. Until a decisive breakout emerges, the benchmark is expected to trade with a sideways bias, and traders are advised to remain selective in their positions.

Option chain positioning continues to indicate strong support around the 24,000–24,100 strikes, where Put writers remain active, while significant Call Open Interest is concentrated around the 24,100–24,200 strikes, limiting immediate upside potential. The derivatives setup continues to favour consolidation unless fresh domestic or global triggers lead to aggressive positioning.

Sectorally, Media, Consumer Durables, Chemicals and IT emerged as the top-performing sectors during the previous session, reflecting selective buying interest across defensive and consumption-oriented themes. On the other hand, Banking, Financial Services, Realty and PSU Bank stocks witnessed mild profit booking, restricting the overall market upside. The mixed sectoral performance suggests that investors continue to prefer a stock-specific approach rather than broad-based buying.

Bank Nifty ended the previous session at 57,582.25, down 175.60 points (-0.30%), after witnessing another volatile trading session. Although the index remained under pressure due to weakness in select private banking stocks, it continued to hold above its important support zone, reflecting resilience in the broader banking space. The expected trading range for Bank Nifty today is 57,200–58,000, with sustained strength above the upper end of the range likely to improve short-term sentiment.

Overall, the technical setup points towards a sideways trading session, with benchmark indices continuing to consolidate above their key moving average supports. While negative global cues and persistent FII selling may keep sentiment cautious, steady DII participation and supportive technical indicators continue to provide stability to the domestic market. Traders are advised to adopt a stock-specific and buy-on-dips approach, while closely monitoring price action near the immediate support and resistance levels for the next directional move.

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