Sensex, Nifty poised to extend gains amid positive global cues; key levels to track on July 24

he continued low-volatility environment points to a market that, while experiencing intraday bearish attempts, shows no signs of panic or aggressive long unwinding.

Benchmark indices Nifty and Sensex are set to open higher on July 24, lifted by optimism around a likely India-UK trade deal expected later in the day. The upbeat mood is further supported by strong global cues, with Asian markets extending their winning streak to a sixth session and Wall Street edging up on hopes of more US-led trade agreements following its pact with Japan.

At about 7:40 am, the Gift Nifty was trading at 25,300, higher by 0.2 percent or 50 points.

Dalal Street closed on a strong note Wednesday, buoyed by optimism around the U.S.-Japan trade deal and fresh cheer from the India-UK free trade pact. The agreement, which includes tariff cuts on British whisky, cars, and select food items, while granting duty-free access to Indian textiles and EVs, added to investor confidence and lifted benchmark indices.

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Here are the key levels to watch out for in today's session

Yesterday's close underscores the importance of the 24,900–25,000 support zone in shaping the next directional move. The area between 25,200–25,320 has consistently acted as a stiff resistance cluster throughout the month, with the index now hovering near a key swing high. However, as long as the index maintains levels above 24,800, the probability of buying interest emerging on dips remains favorable. A decisive close above 25,250 would be instrumental in negating the existing bearish undertone and reviving broader bullish sentiment.

"On the technical front, the Bank Nifty index continues to derive support from its 20-day exponential moving average (20-DEMA), currently positioned at 56,800. However, follow-through buying remains critical, and a close above 57,350 is required to confirm a directional breakout. The zone between 56,600 and 56,800, supported by significant put writing, stands as a strong demand base and represents the final line of defence for bulls," Dhupesh Dhameja of Samco Securities said. "The area between 57,250–57,350 has emerged as a formidable resistance belt, coinciding with a swing high that has capped rallies throughout the month. That said, as long as the index remains above 56,800, the potential for fresh buying on dips continues to hold merit. A definitive close above 57,250 would help dispel the existing bearish shadow and could revive a positive market sentiment," he added.

India VIX declined by 2.21 percent to close at 10.51, remaining well below the crucial 13 mark. The continued low-volatility environment points to a market that, while experiencing intraday bearish attempts, shows no signs of panic or aggressive long unwinding. This subdued volatility reinforces the ongoing consolidation narrative, rather than signaling any major correction or trend reversal.

The Put-Call Ratio (PCR) surged from 0.86 to 1.08, indicating enhanced Put writing and a tilt in sentiment toward bullish positioning. The ongoing battle between call and put writers at key strike levels reflects the market's indecisiveness.