Sensex Down 69 Points, Nifty at 23,985; Tomorrow Nifty Prediction

by Editor July 28, 2026

Market Outlook: July 28 Session Recap and Positioning for July 29

Indian equity indices finished a volatile monthly expiry-week session slightly in the red on July 28, 2026, successfully holding onto a vast majority of the prior session’s robust gains. At the closing bell, the 30-share BSE Sensex dipped 69.86 points, or 0.09 percent, to settle at 76,765.92, while the broader NSE Nifty 50 slipped 10.60 points, or 0.04 percent, to close at 23,985.35.

Market breadth leaned firmly toward the negative side, reflecting selective buying rather than a broad-based rally. Out of the total stocks traded on the exchange, 1,539 advanced, 2,543 declined, and 155 remained unchanged, signaling quiet caution beneath the flat headline indices as investors digested a heavy slate of corporate earnings and shifting macroeconomic indicators.

Corporate Movers and Sector Performance

The market map showcased distinct sector rotation, heavily influenced by incoming first-quarter (Q1 FY27) earnings reports and macro trends.

Top Nifty Gainers: Tata Consultancy Services (TCS) led the pack with an impressive surge of 4.47%, fueled by strong institutional interest and buying in large-scale IT names. It was closely followed by Eternal (+4.23%), Tech Mahindra (+3.82%), Nestle India (+3.0%), and Cipla (+2.5%).
Top Nifty Losers: Hindustan Unilever (HUL) bore the brunt of heavy selling pressure, plunging nearly 7% following a worse-than-expected Q1 scorecard that reflected margin compression and a year-on-year drop in consolidated net profit. Other notable laggards included Bharat Electronics (BEL) (-4.24%), Coal India (-4.0%), Tata Consumer (-2.2%), and NTPC (-2.0%).

Sectoral Breakdown

Sectoral performance on the National Stock Exchange was starkly divided between defensive tech plays and heavy consumption drags:

The Bullish Pockets: Nifty IT outperformed all peers, surging 3.2% and extending a multi-session winning streak driven by attractive valuations and optimism around global tech spending. Nifty Realty advanced 2.0%, Nifty Consumer Durables gained 1.08%, Nifty Auto added 0.69%, and Nifty Pharma closed up 0.2%.
The Dragged Sectors: Nifty Energy suffered the heaviest blow, tumbling 1.7% amid profit-booking in oil-to-chemicals and power utilities. It faced sustained selling alongside Nifty FMCG (-1.4%, heavily dragged down by HUL’s dismal numbers) and Nifty PSU Bank (-0.9%). Additional pressure was felt across Nifty Metal (-0.6%), Nifty Bank (-0.58%), Nifty Infra (-0.5%), Nifty Private Bank (-0.4%), and Nifty Media (-0.34%).

Meanwhile, the broader market performance remained fragmented and hesitant. The Nifty Midcap 100 index eked out a marginal gain of 0.1%, whereas the Nifty Smallcap 100 index slipped 0.2%, indicating that retail and mid-tier portfolios faced intermittent selling pressure.

Nifty Technical View: Navigating the Range

Market experts note that the Nifty’s behavior reflects a classic tug-of-war between bulls and bears as traders eye upcoming domestic triggers and global central bank cues.

The benchmark index traded within an unusually narrow range for a monthly expiry session, hovering around its 50-day Exponential Moving Average (EMA) for a second straight day. This pattern points to underlying trader indecision and a lack of aggressive directional bets ahead of month-end settlements.

Key Resistance Levels: Overhead resistance is firmly placed at 24,050. A decisive, volume-backed breakout above this psychological hurdle could unlock significant momentum, opening the door for an extension toward the 24,500 mark.
Key Support Levels: Immediate support rests at 23,920, with deeper cushions down at 23,800. Additional technical buffers lie within the 23,850–23,820 zone, anchored near key moving averages. If the index manages to sustain above the 24,120–24,150 resistance band—located near the 100-day EMA—a short-term upswing toward 24,300 and subsequently 24,450 remains entirely plausible.

Bank Nifty Technical View: Bearish Bias and Key Levels

Bank Nifty faced intense supply pressure at higher levels during the session, ultimately closing down 0.58% at 56,756. The index printed a small-bodied bearish candlestick with a long upper wick on the daily charts, confirming a mildly negative technical setup characterized by persistent profit-booking at higher valuations.

Hourly momentum indicators reinforce this cautious view. The Relative Strength Index (RSI) triggered a bearish crossover below the 50 mark, and the index continues to trade under its 20-period Simple Moving Average (SMA), pointing to weak short-term momentum. Furthermore, Bank Nifty currently resides in the lagging quadrant of the Relative Rotation Graph (RRG), indicating relative underperformance and a lack of comparative momentum against the broader benchmark.

Intraday Price Action: Bank Nifty started the session weak and drifted lower in early trade. However, a sharp recovery attempt during the day pushed the index toward its day’s high, only for the 57,030–57,060 zone to emerge as strong overhead resistance, inviting renewed selling pressure and subsequent fading of gains.
Outlook for July 29: Immediate resistance is stacked in the 57,200–57,300 band (with a broader ceiling stretching up to 57,500). A successful break and sustained hold above this zone could pave the way for a recovery toward 57,700 and 58,000 in the short term. On the flip side, immediate support is pegged in the 56,300–56,200 zone. Traders are advised to adopt a disciplined, level-based trading approach within these boundaries and avoid taking aggressive directional positions until a definitive breakout materializes.