Despite a strong recovery over the last two sessions, the Nifty 50 remained within the long bearish candlestick and below the bearish gap created last Wednesday. Therefore, unless the index fills the bearish gap and sustains above it, while US-Iran tensions ease and bring oil prices lower, the ongoing consolidation and range-bound is likely to continue, with immediate support at 24,000, followed by the crucial 23,800 level. However, the uptrend is expected to resume only after the index decisively moves above the 24,400 mark. Meanwhile, the Bank Nifty needs to register a sustained close above the 58,600-58,700 zone to confirm a sharper upmove. Until then, the possibility of consolidation cannot be ruled out, with immediate support seen in the 57,500-57,300 zone, followed by the crucial support at 56,500, according to experts.

On July 10, the Nifty 50 surged 244 points (1.02 percent) to 24,207, while the Bank Nifty jumped 793 points (1.39 percent) to 58,046. Market breadth remained strong with about 2,104 shares advanced compared to 876 declining shares on the National Stock Exchange.

Nifty Outlook and Strategy

Rajesh Palviya, Head of Research at Axis Securities

Nifty remained highly volatile during the last week as the collapse of the US–Iran ceasefire escalated geopolitical tensions and Brent crude surged to the $80-a-barrel mark. Despite the volatility, the index closed down by 64 points for the week. On the weekly chart, the index formed a small bearish candle with long shadows on either side, reflecting heightened volatility and indecisiveness among market participants.

Technically, a decisive breakout above the previous week's high of 24,521 could revive buying momentum and push the index toward 24,750, which coincides with the 61.8 percent Fibonacci retracement of the February–April 2026 decline, followed by the 200-day SMA at 24,846. On the downside, 24,000 remains a crucial support level, and a breach below this level could trigger a retest of the 23,817–23,650 bullish gap zone.

The weekly RSI continues to hold above its reference line, indicating that the broader bias remains positive. However, developments in the US–Iran conflict and the trajectory of crude oil prices are likely to remain the key catalysts driving market direction in the near term.

Key Resistance: 24,250, 24,400

Key Support: 24,100, 23,900

Strategy: Buy Nifty Futures around 24,080 with a stop-loss at 23,950, targeting the 24,250–24,350 zone.

Hitesh Rathi, Technical Analyst (Equity & Derivatives) at Angel One

Despite the encouraging recovery in last two days, the technical structure of the frontline index remains somewhat uncertain. A series of overhead resistance levels continues to cap the upside, beginning with the bearish gap zone in the 24,280–24,360 band, which is likely to act as the first major hurdle. The Point & Figure charts also reinforce this cautious view.

In addition, the XO Zone Indicator continues to remain in bearish territory, indicating that the bulls are not yet completely out of the woods. Going forward, rather than chasing rallies at higher levels, participants should consider adopting a buy-on-dips strategy near key support zones while awaiting a decisive breakout above the immediate resistance cluster before turning aggressively bullish.

In terms of levels, the 24,000–23,930 zone is the immediate support cluster, followed by stronger support at 23,850–23,800. On the flip side, immediate resistance is placed in the 24,280–24,320 zone, followed by stronger resistance at 24,480–24,540.

Key Resistance: 24,280, 24,320

Key Support: 24,000, 23,930

Strategy: Buy Nifty Futures on dips around 24,150, with a stop-loss at 23,950, and book profits near the 24,350–24,450 zone.

Mahesh M Ojha, VP - Research and Business Development at Kantilal Chhaganlal Securities

As long as the Nifty sustains above the 24,150–24,200 spot zone, the overall trend is expected to remain positive. A sustained move above this range may lead the index higher. However, if the index fails to hold above 24,050, a corrective decline towards the 23,900–23,800 zone cannot be ruled out.

Key Resistance: 24,550, 24,600, 24,800

Key Support: 24,050, 23,800

Strategy: Buy Nifty Futures on dips around 24,200–24,250, with a stop-loss below 24,020, and targets of 24,480, 24,600, and 24,740.

Bank Nifty - Outlook and Positioning

Hitesh Rathi, Technical Analyst (Equity & Derivatives) at Angel One

Despite the heightened volatility witnessed over the past few sessions, during which the index experienced a sharp decline followed by a swift two-day recovery, prices continue to remain confined within the ongoing trading range. That said, the formation of long lower wicks for the fourth consecutive week highlights the presence of strong buying interest at lower levels, particularly in the 57,000–56,500 support zone. The Point & Figure charts also reinforce this constructive undertone.

On the candlestick charts, the bearish overhead gap in the 58,075–58,110 zone continues to act as an important supply area. A decisive close above this gap would significantly strengthen the bullish case and pave the way for a more sustained upmove. Until such a breakout materialises, adopting a buy-on-dips strategy near key support levels remains the preferred approach.

In terms of levels, the 57,300–57,100 zone, which coincides with the 20 DEMA, is expected to provide immediate support, followed by a stronger support band in the 56,600–56,400 region. On the upside, immediate resistance is placed in the 58,550–58,600 zone, followed by a stronger hurdle near the recent swing highs in the 58,650–58,750 band.

Key Resistance: 58,500, 58,800

Key Support: 57,300, 57,100

Strategy: Buy Bank Nifty Futures on dips around 57,800, with a stop-loss at 57,000, and book profits near the 58,500 mark.

Rajesh Palviya, Head of Research at Axis Securities

On the weekly chart, Bank Nifty formed a small bullish candle with shadows on either side, reflecting indecisiveness among market participants. The ongoing consolidation between 58,500 and 57,000 suggests that the index is awaiting a decisive trigger for its next directional move.

Technically, a sustained move above 58,500 could revive buying momentum and propel the index toward the 58,700–60,000 zone. Conversely, a break below 57,500 may trigger profit booking, dragging the index towards the 57,000–56,500 support area.

For the week ahead, Bank Nifty is expected to trade within the 56,500–60,000 range with a mildly positive bias. Momentum indicators remain supportive, with the weekly RSI trending above its reference line, indicating that the broader bullish undertone remains intact despite the ongoing consolidation.

Key Resistance: 58,350, 58,550

Key Support: 57,800, 57,500