Taking Stock: Nifty above 25,200 on buying support, ICICI and HDFC Bank hit record but broader markets underperform

Among sectors, realty index slipped 2.6 percent, FMCG index fell 0.5 percent, while auto, metal, oil & gas, consumer durables, pharma, private bank, PSU Bank, telecom rose 0.5-1 percent.

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Paytm shares surged 2 percent from day's low as firm swung back into the black during Q1FY26, Colgate Palmolive shares touched 52-week low on weaker Q1, Dixon Technologies shares gained 2 percent after strong Q1, IRFC shares jumped more than 3 percent on profit growth.

Natco Pharma's shares rose 2 percent on report of a potential acquisition of South Africa-based Adcock Ingram Holdings, PNB Gilts shares added 8 percent on strong Q1 earnings, Surya Roshni shares jumped nearly 5 percent on bagging order worth Rs 175 crore.

More than 140 stocks on the BSE touched their 52-week highs, including JM Financial, Credit Access Grameen, LT Finance, Paytm, Fortis Healthcare, Anand Rathi, KIMS, ICICI Bank, HDFC Bank, Schneider Infra, M&M, Ramco Cements, Gujarat Mineral, Vishal Mega Mart, among others. Click to View More

Outlook for July 24

Rupak De, Senior Technical Analyst at LKP Securities

Nifty has moved above the 21-day EMA on the daily timeframe, indicating an increase in bullish sentiment, supported by improved optimism following the trade deal between the US and Japan.

The RSI on the daily chart is in a bullish crossover and rising above the 50 mark, further reinforcing the positive momentum.

In the short term, sentiment is likely to remain optimistic. On the higher side, Nifty may move towards 25,500, while support is placed at 24,900. A break below this level could weaken the current trend.

Ajit Mishra – SVP, Research, Religare Broking

Markets traded with a positive bias and gained over half a percent, offering some relief after the recent decline. Following an initial uptick, the Nifty moved in a narrow range during the first half; however, strength in select heavyweights, particularly from the banking and financial sectors, propelled the index higher. As a result, it surpassed the short-term moving average (20 DEMA) and moved closer to the previous swing high zone near 25,250, eventually settling at the 25,219.90 level.

On the sectoral front, the trend remained mixed, with auto, banking, and financials ending in the green, while realty and FMCG closed in the red. The broader market also reflected a mixed tone, as the midcap index gained nearly half a percent while the smallcap index ended almost flat.

The ongoing recovery is being driven primarily by strength in banking majors, while heavyweights from other key sectors are showing signs of stabilization following the recent correction. However, the IT sector, which holds significant weight in the index, continues to face selling pressure and is gradually inching lower. Participants will closely watch Infosys’ results, as its performance will be crucial in determining the next leg of the move for the IT space. Amid these developments, we maintain our cautious stance and continue to recommend a hedged approach.

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