Date 17.07.2026
NIFTY OUTLOOK: 24072.75 FII -4205.56 cr DII 2986.41 cr
As discussed yesterday market behaviour remained on the expected lines during the day, as nifty were open near our breakout level 24141 (open 24142.1), take a tiny up move but failed to sustain and slip to day low of 24050.
Further a small bearish candle with tiny movement appeared on daily chart of nifty which has given closing very near to its previous closing didn’t reflects any structural changes and view remain same that if nifty continue with its selling pressure then on decisively breakdown of 24013 it may slide further upto 23955 to 23897. If more supply will accentuate then it may have chances to test 23840.
Furthermore as there is no structural changes and view remain same hence if buyers succeed to defend the latest support around 24000 then on decisively breakout of 24131 nifty may rally upto 24189 to 24247. If more demand will accentuate then it may have chances to test 24307.
Bank Nifty OUTLOOK:
SPOT: 57582.25 Pcr: 0.79 Max Ce OI on 59000 & Max Pe OI on 59000
On July 16, 2026, a Bank Nifty index was closed at 57582.25 (-175.60) (-0.30%). The total movement in the index was 511.15 during the trading session. The index made a high of 57931.30 and a low of 57420.15.
Technical view
Important support and resistance level of Bank nifty are 56925 and 58605 respectively.
Intraday Support and resistance level of Bank nifty are 57440 and 57720 respectively.
The Relative Strength Index (RSI) for the Nifty Bank index at 53.4. Below 30 is considered oversold and above 70 overbought.
Bank nifty Day SMA Analysis
Bank nifty is trading above 5 out of 8 SMA’s (30, 50, 100,150, 200 Day).
Bank nifty is trading below 3 out of 8 SMA’s. (5, 10, 20 Day)
No active Candlestick Pattern was identified in bank nifty on daily chart.
Important Pivot Point Levels for Today
Nifty
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 23883.17 | 23966.58 | 24019.67 | 24103.08 | 24156.17 | 24239.58 | 24292.67 |
Bank Nifty
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 56846.68 | 57133.42 | 57357.83 | 57644.57 | 57868.98 | 58155.72 | 58380.13 |
By Ashok Bhandari (RA)
SEBI Regd. No. INH00019549
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