Indian equity benchmark indices are expected to maintain their positive momentum on Friday, July 31, 2026, as expanding market breadth and sustained buying in select heavyweight sectors provide solid underlying support. Investors heading into the final session of the week will closely monitor global market cues, foreign institutional investor (FII) flows, and corporate quarterly results for further strategic direction.
Highlights of the Previous Session
Domestic benchmark indices managed to close higher on Thursday following a volatile trading session marked by the monthly Sensex contract expiry and elevated global crude oil prices. Early session caution eventually gave way to late afternoon buying in auto and oil & gas stocks, allowing key benchmarks to recover completely from intraday dips.
The BSE Sensex gained 0.35 percent to settle at 77,928, while the NSE Nifty 50 added 0.28 percent to end at 24,317. On the sectoral front, Nifty Auto and Nifty Oil & Gas indices led the gains across the broad market, whereas Realty and Chemicals sectors faced selective profit booking from market participants.
Technical Setup for Nifty 50
According to technical commentary from Bajaj Broking Research, the Nifty 50 maintains a highly constructive chart setup after ending above the previous week's high. The index continues to display a well-defined sequence of higher highs and higher lows on the daily timeframe.
During Thursday's session, the Nifty traded within a positive range to settle near the 24,300 mark, forming a bullish candle on the daily chart. Market analysts at Bajaj Broking note that this price action signals a continuation of the upward trajectory, with upside targets projected at 24,370 and 24,480 in the upcoming sessions.
Key Resistance and Support Zones for Nifty
From a short-term perspective, analysts expect the Nifty to move gradually toward a vital resistance cluster situated between 24,500 and 24,600. This ceiling aligns with the current month's peak as well as the high recorded earlier in April 2026.
On the downside, the 23,800 to 24,000 zone represents an important demand area, reinforced by the convergence of the 20-day and 50-day exponential moving averages (EMAs) alongside a recent bullish price gap. Additionally, the gap region established on Wednesday between 24,041 and 24,136 is expected to function as immediate support.
Bank Nifty Consolidation and Pivotal Levels
In the banking sector, the Bank Nifty continued to consolidate near the 57,000 psychological barrier, forming a second consecutive high-wave candle. This candlestick structure highlights ongoing stock-specific activity within a broader sideways structure.
The index has remained confined within a six-week consolidation band of 56,500 to 58,700, with 57,500 acting as the immediate hurdle. Analysts indicate that a decisive breakout above 57,500 could unleash fresh buying interest toward 58,000 and 58,500. Conversely, failure to cross 57,500 may keep the banking index bound between 56,500 and 57,500, with the 56,500 to 56,000 zone offering major downside support backed by the 52-week EMA and an ascending trendline.
