Stock Market Outlook Today, 24 July 2026: Sensex, Nifty Likely To Stay Under Pressure Amid Rising Crude Prices

Indian stock markets are expected to remain cautious on Friday, July 24, after benchmark indices ended lower for the fourth consecutive session. Rising crude oil prices, persistent foreign institutional investor (FII) selling, a weaker rupee and geopolitical tensions in West Asia are likely to keep sentiment subdued, while technical indicators suggest the Nifty is approaching an important support zone.

Stock Market Outlook Today, 24 July 2026: Sensex, Nifty Prediction for Friday

On Thursday, both benchmark indices witnessed broad-based selling throughout the session. The Nifty 50 declined 0.53% to close at 23,869, slipping below the crucial 24,000 mark, while the Sensex fell 0.47% to settle at 76,391.

Crude Oil, Weak Rupee and FII Selling Remain Key Concerns

“Indian equities are likely to remain under pressure in the near term as elevated crude oil prices remain a key overhang. Continued geopolitical tensions in West Asia, Brent crude oil prices hovering near a six-week high above US$98/bbl, weakness in the rupee (around ₹96.6/US$) and persistent Foreign Institutional Investor (FII) selling are expected to keep investor sentiment cautious,” said Siddhartha Khemka – Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Higher crude oil prices have raised concerns about inflation and India’s import bill, prompting investors to remain cautious despite the absence of major domestic triggers.

Nifty Prediction Today for July 24: Check Technical Outlook By Experts

According to Bajaj Broking Research, the Nifty continues to exhibit a corrective trend after extending losses for the fourth straight trading session. The brokerage noted that the index formed a high-wave candlestick pattern on the daily chart while maintaining a series of lower highs and lower lows, indicating that selling pressure remains intact.

The index is currently testing the important support area between 23,800 and 23,750, where the 50-day Simple Moving Average (SMA) coincides with multiple swing lows formed over the past five weeks.

Analysts expect the benchmark index to continue consolidating within the 23,800-24,350 range unless a decisive breakout or breakdown occurs.

“On the downside a breach below 23,800-23,750 on a closing basis will accelerate downside towards the 23,500 levels in the coming weeks being the confluence of the trendline support joining lows of April and June 2026, bullish gap area of 15th June 2026 and 61.8% retracement of the recent up move from 23,070-24,530,” said Bajaj Broking Research.

The brokerage added that a move back above 24,000 could temporarily halt the recent decline and pave the way for a recovery towards 24,200 during the coming week.

Bank Nifty Outlook for Thursday

The Bank Nifty also remained under pressure on Thursday, registering its fourth consecutive session of decline while forming a bearish candlestick pattern with lower highs and lower lows.

According to Bajaj Broking Research, the banking index has been consolidating within the 56,500-58,700 range over the past six weeks and is currently trading near the lower end of that range.

A sustained move below the 56,200-56,500 support zone could trigger further weakness towards the 55,500-55,000 levels, which coincide with a key trendline support and the 61.8% Fibonacci retracement of the previous rally.

However, the brokerage believes the broader structure remains constructive despite the recent correction.

“A shallow retracement signals overall positive bias and a higher base formation in the current corrective decline. On the higher side 57,500 will act as an immediate hurdle while the upper band of the recent consolidation placed around 58,500-58,700 will act as a stiff hurdle in the index in the coming weeks,” said Bajaj Broking Research.

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