Trade Setup for July 15: Nifty may slide deeper if 24,900 support fails
Nifty’s short-term trend remains weak as it risks a deeper correction if 24,900 breaks. Markets eye CPI data amid sectoral churn and IT drag.
The Nifty closed lower for the fourth session in a row on Monday, weighed by tariff-related jitters and weak global cues. Despite the pressure, the benchmark managed to close above the crucial 25,000 mark, ending 67 points down in volatile trade.
While frontline indices struggled, broader markets showed resilience, ending in positive territory. Barring the IT pack, buying was witnessed across sectors.
Top drags on the Nifty included Jio Financial, Bajaj Finance, Wipro, Tech Mahindra, and Asian Paints. On the flip side, gainers like Eternal, Titan, IndusInd Bank, ONGC, and SBI Life Insurance provided some support.
IT stocks were the worst performers, with the Nifty IT index closing as the biggest sectoral loser. HCL Technologies posted disappointing Q1 margin numbers and trimmed its FY26 margin guidance to 17-18% due to lower utilisation and increased GenAI investments. However, it slightly raised revenue growth outlook to 3-5%.
In other stock-specific action, VIP Industries initially dropped over 4% following news of a promoter stake sale of up to 32%, but reversed course to close over 5% higher. Ola Electric jumped 20%, clocking record volumes since Q1 earnings. The EV maker now projects FY26 revenue between ₹4,200 crore and ₹4,700 crore — translating to flat-to-modest growth versus FY25.
Meanwhile, Anthem Biosciences launched its ₹3,395-crore IPO, which saw 73% subscription on Day 1. The issue, priced at ₹540-570 per share, closes on July 16.
Looking ahead, investor mood remains cautious ahead of inflation data releases from India and the US.
Technical Outlook:
Nagaraj Shetti of HDFC Securities said the Nifty’s short-term trend is still weak. Support is seen around 25,000–24,900, and a rebound is possible if this zone holds. Resistance is at 25,200.
Rupak De of LKP Securities noted that the index touched its 50-DMA intraday and warned that a fall below 24,900 could trigger a sharper correction. If support holds, a rebound to 25,350 is possible.
Hardik Matalia from Choice Broking highlighted 25,000 as critical support. A breakdown below it may push the index toward 24,700, while on the upside, resistance lies at 25,200–25,500.
