Nifty 50 Analysis, 24 July 2026: Full Technical, Sectoral and Derivatives Breakdown Ahead of Friday’s Session
- July 24, 2026
- Posted by: Ankit Jaiswal
- Category: Market
Nifty 23,869.60 (-0.53%), Sensex 76,391.39 (-0.47%), Bank Nifty 56,592 (-0.94%), VIX 13.48 (+1.37%). 4th losing session. GIFT Nifty -120pts. Nifty monthly expiry Tue 28 Jul.
This Nifty 50 analysis covers Friday, 24 July’s pre-market setup, built from Univest’s Daily Technical note: Thursday’s close, sector rotation, options positioning and derivatives desk trade ideas ahead of the Nifty’s monthly expiry Tuesday, 28 July.
Sensex fell a fourth session, -363.66 pts (0.47%) to 76,391.39; Nifty -0.53% to 23,869.60, below 24,000. Bank Nifty fell 0.94% to 56,592.00, VIX rose 1.37% to 13.48. Fresh escalation: Houthis attacked two Saudi tankers, Trump threatened Iran, Brent briefly topped $100/bbl, a two month high.
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Market Pulse: This Nifty 50 Analysis Starts With Thursday’s Fourth Losing Session
Nifty Auto was the sole gainer for a 3rd session, +0.7%, led by Bajaj Auto, M&M and Eicher Motors, as 15 of 16 sectors fell and Realty led declines. Infosys Q1 profit +12% YoY to Rs 7,769cr, but revised FY27 guidance to 1.5-3.0%. IndusInd Bank fell 6% on Wednesday’s provision-driven beat.
FII selling was heavy at Rs 2,999cr, DIIs absorbed Rs 2,947cr. US markets fell sharply overnight, Dow/S&P -1%, Nasdaq -1.8%, on a Tesla profit miss and Alphabet’s AI spend guidance. GIFT Nifty was down ~120 pts at 23,868, a weak Friday open.
The Nifty’s chain points to Tuesday, 28 July as the next expiry, both weekly and monthly together. Nifty closed at 23,870, 130 points below max pain at 24,000, an expected move of ~258 points, a 23,611-24,128 band.
| At a Glance | Reading |
|---|---|
| Session Trend | Lower close, PCR 0.66 |
| Supply Zone | 23,971 – 24,073 |
| Expiry Watch | NIFTY monthly, 23,850 ATM |
| FII Positioning | Net -263,082 index futures |
| India VIX | 13.48, up 1.37% |
Post-Market Recap: Breadth and Advance-Decline Data
| Metric | Reading |
|---|---|
| NSE Advance / Decline | 1,155 / 2,099 (133 unchanged) |
| A/D Ratio | 0.55 |
| Nifty 50 Breadth | 20 up, 30 down |
| Market Tone | Negative |
Market breadth stayed negative a third session at 1,155 advances vs 2,099 declines, though less severe than Wednesday’s sell-off, a pattern revisited in the sentiment dashboard below.
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Global Cues and Overnight Markets
| Market / Commodity | Level | Change |
|---|---|---|
| Dow Jones | 51,697 | -1.00% |
| S&P 500 | 7,434 | -1.00% |
| Nasdaq | 25,366 | -1.80% |
| GIFT Nifty | 23,868 | -0.50% |
| Brent Crude | $99.78/bbl | – |
| WTI Crude | $90.65/bbl | – |
| Gold | $4,062/oz | – |
| USD/INR | 96.58 | – |
Overnight markets show a risk-off tone, with US indices down sharply and Brent holding just under $100/bbl, both weighing on Friday’s setup for this Nifty 50 analysis.
Key Headlines
Global
- Houthi attacks on two Saudi tankers plus a Trump threat on Iran pushed Brent above $100/bbl, a 2-month high.
- US markets fell sharply: Dow -1%, S&P -1%, Nasdaq -1.8%, on a Tesla profit miss (-9.8%) and Alphabet AI capex guidance (-5.7%).
- GIFT Nifty down ~120 pts (-0.50%) to 23,868.50, signalling a weak, negative Friday open.
National & Macro
- Sensex fell a 4th session, -364 pts (0.47%) to 76,391; Nifty -0.53% to 23,870, breadth negative 1,155:2,099.
- Nifty Auto was the sole gainer for a 3rd session, led by Bajaj Auto, M&M and Eicher Motors; Realty was worst.
- Infosys Q1 profit +12% YoY to Rs 7,769cr but FY27 guidance revised to 1.5-3.0%; IndusInd Bank fell 6% on a delayed derating of Wednesday’s beat.
- Friday’s option chain points to Tuesday, 28 July as the next expiry, both weekly and monthly together.
Stocks in News
- Infosys – Q1 profit +12% YoY to Rs 7,769cr, $3.6bn large deal TCV; FY27 guidance revised to a cautious 1.5-3.0% range, margin held 20-22%. Stock eased 0.5% as guidance tempered the beat.
- IndusInd Bank – fell 6% as the market caught up with Wednesday’s profit beat being provision driven (revenue fell YoY), not core strength.
- SpiceJet – jumped 10% on reports Adani Group is weighing an airline entry, even as Adani Enterprises (-4.25%) and Adani Ports (-2.17%) fell on the news.
- HPCL – fell 2.5% on weak Q1 results.
- Nifty Auto – sole gainer (+0.7%), led by Bajaj Auto (+2.55%), M&M (+1.72%) and Eicher Motors (+1.13%).
Macro & Sector Buzz
- FII selling heavy at Rs -2,999cr, DIIs absorbed Rs +2,947cr, back to the month’s normal offsetting pattern.
- Market breadth negative a 3rd session, 1,155 adv:2,099 decl, less severe than Wednesday’s sell-off.
- Houthi attacks on Saudi tankers and a Trump threat on Iran pushed Brent briefly above $100/bbl.
- US markets fell sharply overnight: Dow -1%, S&P -1%, Nasdaq -1.8%, on Tesla’s miss and Alphabet’s AI capex guidance.
- ~63 companies reported Q1 FY27 results Thursday, including Infosys, Cipla, IndiGo, Coromandel, Mphasis and PVR INOX.
Top Gainers & Losers
Nifty 50
| Top Gainers | %Chg | Top Losers | %Chg |
|---|---|---|---|
| SBI Life | +2.89% | Adani Enterprises | -4.25% |
| Bajaj Auto | +2.55% | Nestle India | -3.44% |
| M&M | +1.72% | Shriram Finance | -3.06% |
| TCS | +1.66% | Adani Ports | -2.11% |
| Tata Consumer | +1.39% | Grasim | -2.06% |
| Eicher Motors | +1.13% | Bajaj Finance | -1.91% |
F&O Universe
| Top Gainers | %Chg | Top Losers | %Chg |
|---|---|---|---|
| Hero MotoCorp | +3.67% | SRF | -8.53% |
| Nuvama Wealth Management | +3.27% | Adani Green Energy | -6.13% |
| SBI Life | +2.89% | IndusInd Bank | -6.06% |
| ICICI Lombard | +2.71% | Bandhan Bank | -4.26% |
| Bajaj Auto | +2.55% | Adani Enterprises | -4.25% |
| Bajaj Holdings | +2.45% | Petronet LNG | -3.77% |
Sectoral Performance (15 NSE Indices)
| Sector | Change | Level | Support | Resistance |
|---|---|---|---|---|
| Auto | +0.70% | 27,521 | 27,247 | 27,777 |
| Media | +0.22% | 1,500 | 1,490 | 1,513 |
| IT | -0.06% | 28,534 | 28,311 | 28,722 |
| Healthcare | -0.34% | 16,296 | 16,207 | 16,372 |
| Pharma | -0.38% | 25,654 | 25,488 | 25,790 |
| FMCG | -0.41% | 49,033 | 48,777 | 49,384 |
| Consumer Durables | -0.47% | 39,004 | 38,856 | 39,210 |
| Metal | -0.74% | 12,470 | 12,387 | 12,589 |
| Private Bank | -0.77% | 27,281 | 27,175 | 27,410 |
| Cement | -0.79% | 15,336 | 15,257 | 15,453 |
| PSU Bank | -1.00% | 8,298 | 8,250 | 8,364 |
| Oil & Gas | -1.02% | 11,128 | 11,079 | 11,205 |
| MidSmall IT & Telecom | -1.52% | 9,222 | 9,152 | 9,351 |
| Realty | -1.81% | 887 | 878 | 901 |
| Chemicals | -1.87% | 30,070 | 29,871 | 30,442 |
Only 2 of 15 sectoral indices closed higher: Auto led at +0.70%, Chemicals lagged at -1.87%. Support/resistance are the next session’s floor pivot levels off the last close.
Sector Rotation (RRG) vs Nifty 50
| Sector | Quadrant | RS-Ratio | RS-Momentum | Weekly Direction |
|---|---|---|---|---|
| IT | Improving | 99.28 | 100.89 | Strengthening |
| Realty | Weakening | 102.32 | 99.87 | Fading |
| Pharma | Weakening | 101.09 | 99.82 | Fading |
| Financial Services | Weakening | 101.27 | 99.50 | Fading |
| Bank | Weakening | 101.11 | 99.52 | Fading |
| Media | Weakening | 100.56 | 99.90 | Strengthening |
| Auto | Weakening | 100.43 | 99.77 | Fading |
| PSU Bank | Lagging | 99.27 | 99.47 | Fading |
| Metal | Lagging | 98.88 | 99.85 | Strengthening |
| FMCG | Lagging | 98.89 | 99.61 | Fading |
| Energy | Lagging | 99.05 | 99.40 | Fading |
| Infrastructure | Lagging | 99.42 | 98.76 | Fading |
Sectors rotate through 4 quadrants vs Nifty 50 weekly: Leading, Weakening, Lagging, Improving. IT stands out in Improving and strengthening; Realty, Pharma, Financial Services, Bank and Auto have slipped into Weakening.
Sentiment Dashboard
The net read is a bearish lean: composite 37/100 across 9 directional signals, 7 bearish and 1 bullish, with volatility shown as a separate calm-to-fear regime.
| Gauge | Reading | Interpretation |
|---|---|---|
| Overall | 37/100 | Bearish lean |
| PCR (OI) | 0.66 | Call writers lead |
| PCR Trend | +0.18 | Fresh put writing |
| FII L/S Ratio | 0.08 | FIIs heavily short |
| India VIX | 13.48 | Calm, complacent |
| A/D Breadth | 35% adv | Decliners lead |
| % Above 200-DMA | 43% | Below half |
| % Above 50-DMA | 47% | Below half |
| 52 Week Range | 40% | Lower half |
| % Above Pivot | 18/31 | Most below pivot |
Index Level Technical View
Nifty 50
| Support 2 | Support 1 | Last Close | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 23,706 | 23,788 | 23,870 | 23,971 | 24,073 |
Nifty 50 closed at 23,870, below the day pivot 23,889. Desk view: sell strength into 23,971, stop above 24,073; buy only the 23,788 zone, stop below 23,706. Stand aside mid-range until it resolves.
Sensex
| Support 2 | Support 1 | Last Close | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 75,849 | 76,120 | 76,391 | 76,695 | 76,998 |
Sensex closed at 76,391, below the day pivot 76,423. Sell strength into 76,695, stop above 76,998; buy only the 76,120 zone, stop below 75,849.
Bank Nifty
| Support 2 | Support 1 | Last Close | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 56,077 | 56,334 | 56,592 | 56,890 | 57,188 |
Bank Nifty closed at 56,592, below the day pivot 56,632. Sell strength into 56,890, stop above 57,188; buy only the 56,334 zone, stop below 56,077.
Derivatives Check & Option Chain
| Metric | Reading |
|---|---|
| Spot Close | 23,869.60 (ATM 23,850) |
| PCR OI | 0.66 (mildly bearish) |
| PCR ChgOI | 0.18 (call writing driven) |
| Max Pain | 24,000 (130 pts vs spot) |
| Call Wall (near) | 24,000, primary resistance |
| Put Wall (near) | 23,800, near floor |
| ATM IV | 11.50% |
| GEX Flip | 23,900 |
| Implied Range | 23,611 – 24,128 |
| Expected Move | plus or minus 258 points |
PCR OI 0.66, PCR ChgOI 0.18. Heaviest fresh call writing: 23,900 (+53.0L), 25,000 (+34.7L), 23,850 (+32.1L); ceiling defended harder than floor. GEX flips at 23,900: above, dealers stabilise; below, they amplify toward put walls.
OI Walls by Strike
| Strike | Side | OI |
|---|---|---|
| 25,000 | Call | 167.5L |
| 24,200 | Call | 129.3L |
| 24,000 | Call (max pain pin) | 130.8L |
| 23,800 | Put | 80.1L |
| 23,500 | Put | 90.4L |
| 23,000 | Put | 107.0L |
Fresh Build-Up: Call vs Put Writing
Top call writes: 23,900 (+53.0L), 25,000 (+34.7L), 23,850 (+32.1L). Top put writes: 23,850 (+30.1L), 23,900 (+27.7L), 23,800 (+26.1L).
Volatility & Probability
IV bottoms near ATM at 11.50%, lifting on both wings, OTM puts near 17.3% and the call wing at 16.6% (24,900 strike). Put-minus-call skew widens from 0.3pp (±100) to 1.2pp (±1000), puts carrying a richer bid further out.
| Directional Bias | Model Probability |
|---|---|
| Lower | 37% |
| Sideways | 37% |
| Higher | 26% |
This model settlement bias gives equal 37% weight to lower or sideways, with only 26% assigned to a higher close by expiry.
Institutional Positioning
| Participant | Net Futures | Net Calls | Net Puts | Positioning |
|---|---|---|---|---|
| Client | +167,487 | +167,052 | -769,347 | Strong Bullish |
| DII | +67,306 | +7,590 | +35,169 | Mild Bullish |
| FII | -263,082 | -314,487 | +546,528 | Strong Bearish |
| Pro | +28,289 | +139,845 | +187,652 | Mild Bullish |
Clients hold ~79% of long-equivalent exposure while FIIs own ~77% of the short side, a stark retail-vs-institutional divide worth watching.
FII/DII Cash Market Activity
| Date | FII Net (Rs Cr) | DII Net (Rs Cr) |
|---|---|---|
| 23-Jul-2026 | -2,999.23 | +2,947.14 |
Provisional figures showing DIIs almost exactly offsetting FII selling, a pattern repeated through most of the month.
F&O Build-Up Matrix
| Long Build-Up | OI Chg | Short Build-Up | OI Chg |
|---|---|---|---|
| Bajaj Holdings | +24.9% | Oracle Financial Services | +53.1% |
| Eicher Motors | +22.9% | Vishal Mega Mart | +41.6% |
| Tata Consumer | +20.8% | Cipla | +37.6% |
| TVS Motor | +19.9% | Mphasis | +35.2% |
| Short Covering | OI Chg | Long Unwinding | OI Chg |
|---|---|---|---|
| Vedanta | -0.9% | L&T | -0.3% |
| Tech Mahindra | -1.0% | CDSL | -0.5% |
| PG Electroplast | -1.1% | IREDA | -1.3% |
| Hitachi Energy India | -1.4% | Trent | -1.4% |
Key Levels & OI Walls
| Level Type | Side | Strike | OI | Chg OI | Significance |
|---|---|---|---|---|---|
| Iron Ceiling | Call | 25,000 | 167.5 | +34.7 | Largest wall, ceiling defended hard |
| Resistance | Call | 24,000 | 130.8 | -3.7 | Overhead supply |
| Resistance | Call | 24,200 | 129.3 | -21.9 | Overhead supply |
| Max Pain Pin | Pin | 24,000 | – | – | Gravitational magnet, GEX flip nearby |
| Strong Floor | Put | 23,000 | 107.0 | -7.0 | Largest put write, defended bedrock |
| Floor | Put | 23,500 | 90.4 | +7.3 | Near spot floor |
| Floor | Put | 23,800 | 80.1 | +26.1 | Near spot floor, breakdown trigger below |
Derivatives Desk: Illustrative Trade Setups
These setups reflect how Univest’s derivatives desk frames Friday’s session: illustrative chain-positioning observations, not personalised advice. Every setup carries real risk of loss; verify live pricing and consult a SEBI-registered advisor before trading.
Best Trade: Iron Condor 23,500 / 23,800 / 24,000 / 24,300 (about 73% probability of profit)
Sell 23,800 put @Rs 91.0 + 24,000 call @Rs 78.85, buy 23,500 put @Rs 22.75 + 24,300 call @Rs 19.2. Net credit ~Rs 127.9/share (~Rs 8,314/lot), max loss ~Rs 11,187/lot, breakevens 23,672-24,128. The 456pt breakeven band beats the 258pt expected move.
Aggressive Seller: Short Strangle 23,800 Put / 24,000 Call (about 80% probability of profit)
Sell 23,800 put + 24,000 call for ~Rs 169.85/share (~Rs 11,040/lot), breakevens 23,630/24,170. Both legs sit at major OI walls; theta carries the day as max pain holds price near 24,000. Undefined risk, margin applies.
Directional Buyer: Bearish 23,750 Put (about 83% probability of profit)
Buy 23,750 put @Rs 73.05, T1 Rs 109.57, T2 Rs 146.1, SL Rs 47.48, R:R ~1:1.9. Rationale: 0.66 PCR call-heavy chain, FIIs short across futures/calls/index, negative GEX below 23,900. Enter before 11am, book half at T1, hard exit 2:30pm.
Bullish Contingency: 23,950 Call, Only If Triggered (about 81% probability of profit)
Buy 23,950 call @Rs 98.4, T1 Rs 150.55, T2 Rs 206.64, SL Rs 65.93, R:R ~1:1.6. Contingent: enter only on a 15-min close above 23,900 with call wall OI dropping, since positive GEX above stabilises price. Half sizing given the conditional trigger.
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Eight Key Takeaways From This Nifty 50 Analysis
- Nifty closed at 23,870, 130 pts off max pain 24,000; chain prices an expected move of ~258 pts, a 23,611-24,128 band, into expiry.
- PCR ChgOI at 0.18 is the lead signal: fresh writing concentrates at upper strikes, so sellers hold the positioning edge.
- GEX flips at 23,900. Above it, dealers dampen moves; below it, they accelerate toward the 23,000 put wall.
- ATM IV is 11.50%. With the expected move at ~258 pts, option sellers carry the theta edge into settlement.
- Theta on the 23,600 put runs ~25% of premium/session at this expiry distance and steepens into expiry week; time favours sellers.
- FII positioning: -263,082 net index futures, -314,487 net calls, +546,528 net puts. Clients sit opposite, -769,347 net puts.
- Tape tell: short build-up in Oracle Financial Services, Vishal Mega Mart and Cipla; long build-up in Bajaj Holdings, Eicher Motors and Tata Consumer; short covering in Vedanta, Tech Mahindra and PG Electroplast.
- Best edge: the 23,500/23,800/24,000/24,300 iron condor for a 127.90 credit, ~Rs 8,314/lot, breakevens 23,672-24,128.
From the Research Desk
“The chain leans lower into expiry. We prefer selling strength into the 25,000 call wall, real fight at 23,000. Buyers need their move before midday; sellers need the clock; let expiry-week theta do the heavy lifting.”
Conclusion
This Nifty 50 analysis for 24 July points to a range-bound corrective phase ahead of Tuesday’s expiry, Nifty testing 23,750-23,800 support after a fourth losing session. Crude, FII selling and a weak GIFT Nifty point to a cautious open; 0.66 PCR and the GEX flip at 23,900 suggest sellers hold the edge. Size positions conservatively; consult a SEBI-registered advisor before any options trade.
Nifty 50 analysis levels reflect Thursday’s close.
Track this Nifty 50 analysis alongside the live chain.
Nifty 50 analysis levels reflect Thursday’s close.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
FAQs on This Nifty 50 Analysis
What does this Nifty 50 analysis say about Friday’s expected opening?
Ans. This Nifty 50 analysis points to a negative, weak open for Friday, with GIFT Nifty down ~120 points at 23,868 Thursday evening after the Nifty closed 0.53% lower at 23,869.60.
What is the max pain level in this Nifty 50 analysis?
Ans. Max pain sits at 24,000, 130 points above Thursday’s spot close of 23,869.60, acting as a gravitational pull into the Tuesday, 28 July monthly expiry.
What is the GEX flip level referenced in this Nifty 50 analysis?
Ans. The GEX flip is at 23,900. Above it dealers are net long gamma and dampen moves; below it they turn short gamma and can amplify moves toward the put walls.
Which sector performed best according to this Nifty 50 analysis?
Ans. Nifty Auto was the only sector to close higher, up 0.70% for a third session, led by Bajaj Auto, M&M and Eicher Motors, while Chemicals lagged at -1.87%.
What is the expected move for Nifty into expiry per this Nifty 50 analysis?
Ans. The options chain is pricing an expected move of about plus or minus 258 points into the 28 July expiry, framing an implied range of 23,611 to 24,128.
How are FIIs positioned according to this Nifty 50 analysis?
Ans. FIIs are positioned strong bearish, net short 263,082 index futures and 314,487 calls while holding 546,528 net puts, versus clients who are strong bullish on futures but short 769,347 net puts.
What is the best trade setup highlighted in this Nifty 50 analysis?
Ans. The desk’s top rated setup is a 23,500/23,800/24,000/24,300 iron condor for ~Rs 127.90 credit, ~Rs 8,314/lot, breakevens 23,672-24,128. This is a research observation, not personalised advice, and carries real risk of loss.
Is the options strategy content in this Nifty 50 analysis personalised investment advice?
Ans. No. The trade setups here are illustrative research desk observations on options chain positioning, not personalised recommendations. Derivatives carry significant risk of loss; consult a SEBI-registered advisor before trading.
