Taking Stock: Nifty below 25,100 on IT selloff but pharma, PSU banks buck the trend

Market Today

Benchmark indices Sensex and Nifty fell more than 0.6 percent each on July 24, wiping out previous session's gains amid selling seen across sectors, however, buying in pharma and PSU banks helped limit the losses.

At close, the Sensex was down 542.47 points or 0.66 percent at 82,184.17, and the Nifty was down 157.80 points or 0.63 percent at 25,062.10. BSE Midcap and smallcap indices down 0.4 percent each. Nifty 50 index ended near a key technical support of 25,060 level.

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Eternal, Dr Reddy's Labs, Tata Motors, Grasim Industries, Cipla were among major gainers on the Nifty, while losers included Trent, Nestle India, Shriram Finance, Tech Mahindra, Reliance Industries.

On the sectoral front, except PSU Bank (up 1.2 percnet) and pharma (up 0.5 percent), all the other indices ended in the red with IT index down over 2 percent, and realty & FMCG indices down 1 percent each.

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Persistent Systems shares tank 7% post Q1 earnings, IEX shares crashed 28% as electricity regulator approved power coupling in day-ahead markets, Tata Consumer shares soared as Q1 profit jumps 15%, Coforge shares slipped 9% despite steady Q1, Nestle India shares fell 5 percent after Q1 net fell 13.4% on year.

VA Tech Wabag shares gained 2% on contract win worth Rs 2,332 crore, Indoco Remedies shares jumped 5 percent despite posting losses in Q1, Tilaknagar Industries shares rose 4 percent on acquiring Pernod Ricard India's Imperial Blue whiskey business for Rs 4,150 crore, Force Motors shares up over 12 percent after a 52 percent on-year profit growth on high demand for vans.

Index	Prices	Change	Change%
Sensex	73,319.55	185.23	+0.25%
Nifty 50	22,713.10	33.70	+0.15%
Nifty Bank	51,548.75	100.10	+0.19%

Nifty 50 22,713.10 33.70 (0.15%)

Thu, Apr 02, 2026

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
HCL Tech	1,402.20	47.80	+3.53%

Biggest Loser	Prices	Change	Change%
Eicher Motors	6,649.50	-176.00	-2.58%

Best Sector	Prices	Change	Change%
Nifty IT	30441.45	772.40	+2.60%

Worst Sector	Prices	Change	Change%
Nifty Pharma	21808.40	-203.20	-0.92%

Nearly 140 stocks on the BSE touched their 52-week highs, including Paytm, KIMS, Eternal, Shyam Metalics, Fortis Healthcare, Laurus Labs, Nuvoco Vistas, Navin Fluorine, Godrej Agrovet, JK Cement, CreditAccess Grameen, HDFC Bank, DCM Shriram, Muthoot Finance, Delhivery, JM Financial, Anand Rathi, among others. Click to View More

Outlook for July 25

Rupak De, Senior Technical Analyst at LKP Securities

The Nifty slipped lower as it faced stiff resistance around the 25,250–25,260 zone. On the hourly chart, the index fell back below the 50-EMA and closed below it. Overall, the index continues its range-bound movement, which may persist in the near term.

On the downside, support remains intact at 24,900; a decisive break below this level could trigger a correction in the market. On the other hand, a sustained move above 25,260 may induce a fresh rally.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After showing a sustainable upmove on Wednesday, Nifty was not able to continue its upside momentum on Thursday and witnessed sharp weakness by 157 points. After opening with a positive note, the market slipped into declines in the early-mid part of the session. There was a minor recovery attempt in the mid to later part, but the market finally closed at the lows.

A long bear candle was formed on the daily chart that has engulfed the small positive candle of previous session. Technically, this market action indicates formation of Bearish Engulfing type candle pattern. This is negative indication.

The bearish chart pattern like lower tops and bottoms is intact and Thursday's swing high of 25246 could be a new lower top of the pattern. The immediate resistance of 25250 remains active and Nifty reversed down from near the hurdle on Thursday.

The underlying trend of Nifty is still weak. Presence of strong overhead resistance and the formation of bearish pattern indicates chances of more weakness in the short term. A slide below 24900 levels could possibly open some more weakness down to 24500 levels in the near term.

Shrikant Chouhan, Head Equity Research, Kotak Securities:

Today, the benchmark indices experienced profit booking at higher levels. The Nifty closed 158 points lower, while the Sensex was down by 542 points. Among sectors, the IT index lost the most, correcting 2.20 percent, whereas despite weak market sentiment, the PSU Bank index rallied over 1.40 percent. Technically, the market once again faced resistance near 25,250/82,800 and reversed sharply. On daily charts, a bearish candle has formed, and on intraday charts, a lower top formation is evident, which is largely negative.

We are of the view that, although the intraday market texture appears weak, a fresh selloff is possible only after the levels of 25,000/82,000 are breached. Below these levels, the market could retest 24,900-24,835 / 81,700-81,500. Conversely, if the market moves above 25,125/83,200, a technical bounce back to 25,250/82,800 could occur. Further upside may continue, potentially lifting the market to 25,325/83,000.

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