Indian equity markets are set for a largely unchanged opening on Friday, July 17, 2026, with investors closely monitoring first-quarter earnings reports from major companies. The GIFT Nifty Futures on the NSE International Exchange were down 8.40 points, or 0.03 per cent, trading at 24,088, signaling a muted start for domestic indices.
Global Market Overview and Key Influences
Global cues remained subdued, contributing to the cautious sentiment. Asian markets opened lower, with Japan's Nikkei dropping over 4% and Hong Kong's Hang Seng down 1.6%. US stocks also retreated on Thursday, primarily due to weakness in chip stocks, despite generally positive economic data and a strong start to the second-quarter earnings season. The Dow Jones Industrial Average fell 0.20%, the S&P 500 lost 0.51%, and the Nasdaq Composite shed 1.47%.
Oil prices saw an uptick, with Brent crude futures rising 0.7 per cent to $84.83 a barrel, and US crude advancing 0.7 per cent to $79.49 per barrel. These price movements, hovering near one-month highs, are influenced by renewed US-Iran clashes. The US dollar remained steady, while spot gold was up 0.4 per cent at $3,985.64 an ounce, reflecting some safe-haven demand.
Expert Insights on Market Direction
Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, noted that Indian equities are expected to trade sideways to mixed amid weak global cues and ongoing geopolitical tensions. He highlighted that the IT sector would be a key focus following earnings announcements from companies like Wipro and Tech Mahindra.
Ajit Mishra, SVP of Research at Religare Broking, observed that while geopolitical tensions in the Middle East fostered caution, better domestic quarterly earnings helped limit downside risks. He advised investors to maintain a stock-specific approach with disciplined risk management.
FII-DII Activity
Provisional data from NSE indicated that Foreign Portfolio Investors (FPIs) were net sellers of domestic stocks, offloading Rs 4,205.56 crore on Thursday. Conversely, Domestic Institutional Investors (DIIs) were net buyers, injecting Rs 2,986.41 crore into Indian equities.
Nifty50, Sensex, and India VIX Outlook
According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, the market is currently indecisive, oscillating between the 24,000/77,000 and 24,200/77,500 ranges. He suggested that a sustained move above 24,200/77,500 could push the market towards 24,300-24,350/77,800-78,000, while a break below 24,000/77,000 might accelerate selling pressure towards 23,800 or 23,750/76,500-76,300.
Sachin Gupta, VP of Technical Research at Choice Equity Broking, noted that Sensex faces strong rejection around its 100-Day EMA, indicating selling pressure at higher levels. Immediate support for Sensex is seen between 76,500–76,800, with resistance at 77,600–77,800, maintaining a sideways bias.
Vatsal Bhuva, Technical Analyst at LKP Securities, expects Nifty to find strong support in the 23,950–24,000 zone, reinforced by high put writing at the 24,000 strike. Resistance is anticipated at 24,250–24,300, with a broader hurdle near 24,500. He suggested a 'buy on dips' strategy.
Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities, pointed out that a decline in India VIX signals easing volatility, suggesting that market participants are refraining from aggressive directional positions ahead of key earnings announcements.
Nifty Bank Outlook
Nifty Bank formed a bearish candle, indicating profit booking at higher levels and consolidating within the 56,500-58,700 range. Bajaj Broking stated that a decisive close above 58,700 could trigger a rally towards 59,300 and potentially 60,000, while major support lies at 56,500-56,000.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, identified the 58,100-58,200 zone as a crucial resistance for Nifty Bank. A move above this level could lead to a rally towards 58,700 and 59,300. Conversely, a breakdown below the key support area of 57,000-57,100 might accelerate selling pressure towards 56,500.