Nifty Prediction Today, 14 July: Indian benchmark indices are likely to remain range-bound with a positive bias on Tuesday, July 14, after staging a sharp intraday recovery in today’s previous session despite weak global cues and heightened geopolitical tensions in West Asia.
The 50-share NSE Nifty eked out an uptick of 4.10 points, or 0.02 per cent, to end at 24,211, registering its third day of gains. The index hit a low of 24,000.20 and a high of 24,259.8 during the day. 30-share BSE Sensex closed at 77,616.40, up 47.01 points or 0.06 per cent.
Nifty Prediction for Tuesday, July 14 by experts
Technical analysts believe the 24,000 level has emerged as a crucial support, while 24,300-24,500 remains the immediate upside zone that could determine the market’s next directional move.
Hitesh Tailor, Technical Research Analyst at Choice Broking, said, said the Nifty’s ability to rebound after a gap-down opening reflects sustained buying interest at lower levels.
“Technically, Nifty formed a small-bodied bullish candle on the daily chart, reflecting resilience after a gap-down opening and continued buying interest at lower levels. The index continues to trade above its key short-term moving averages, indicating that the broader recovery remains intact. IT, Media, Consumer Durables and Auto stocks provided support to the market, while FMCG, Metal, Cement, Chemicals and Healthcare witnessed selective profit booking, resulting in a mixed sectoral performance,” he said.
Immediate support is placed at 24,000–24,050, while 24,400–24,450 remains the key resistance zone, Tailor said.
“Nifty 50 ended the session almost unchanged at 24,211.00, up 4.10 points (+0.02%), after witnessing a volatile trading session. The index opened with a gap-down of around 167 points and slipped to an intraday low of 24,000.20 during the opening minutes. However, strong buying interest emerged near the psychological 24,000 mark, helping the index recover steadily throughout the day. Nifty later touched an intraday high of 24,259.80 before witnessing minor profit booking and eventually settled near the day’s higher range. Intraday price action indicates that buyers remained active on dips, with the 24,000 zone continuing to attract fresh demand despite intermittent selling pressure near higher levels,” he said.
He added that momentum indicators continue to favour the bulls. “The RSI remains above the neutral 50 mark, indicating that momentum continues to favour the bulls despite the range-bound close. The MACD remains in positive territory, with the MACD line trading above the signal line, suggesting that the prevailing bullish momentum remains intact, although the flattening histogram indicates the pace of upside has moderated. In the derivatives segment, the Nifty PCR stands at 1.10, reflecting a mildly bullish undertone. Significant Call Open Interest is concentrated at the 24,200 and 24,300 strikes, while notable Put Open Interest at the 24,000 and 24,100 strikes highlights a strong support base near the psychological 24,000 level,” Tailor added.
- 20-Day EMA – 24029.28
- 50-Day EMA – 23945.43
- 100-Day EMA – 24136.83
- 200-Day EMA – 24211
Nandish Shah – Deputy Vice President at HDFC Securities, said the Nifty extended its winning streak for a third consecutive session after recovering sharply from early losses.
“Nifty extended its winning streak for a third consecutive session, ending marginally higher by 4 points at 24,211. The index opened sharply lower by 168 points but staged a strong intraday recovery, rebounding over 250 points from the early low of 24,000 to completely erase the intraday losses,” Shah said.
He noted that the index found support near its 20-day exponential moving average (DEMA) at 24,029, reaffirming it as an important near-term support level.
“On the technical front, Nifty found support near its 20 DEMA placed at 24,029, reinforcing it as an immediate support level. Despite the strong intraday rebound, the index continues to trade within a consolidation phase,” the analyst said,
Going forward, Shah said the range of 24,300 on the upside and 24,000 on the downside remains crucial. “A decisive breakout above 24,300 could trigger an up move towards 24,530, the previous swing high, while a breakdown below 24,000 may lead to a retest of the 23,800-support zone,” he concluded.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, stated Monday’s recovery reflects the market’s ability to absorb geopolitical concerns.
“The market witnessed an excellent recovery after opening lower on Monday and Nifty closed the day on a flat note. The escalation of West-Asia geo-political conflict has weighed minimal on the Nifty and resulted in recoup of losses for the day,” Shetti.
He further said a long positive candle was formed on the daily chart at the lows, which indicates a buy on dips opportunity in the market.
“Nifty has been hovering within a high low range of 23800-24500 levels. Having bounced back from the lows, there is a higher possibility of Nifty reaching towards the upper range of 24500 levels in the short term. Immediate support is placed at 24000 levels,” Shetti added.
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Nifty Daily Chart – Monday, July 13
Broader markets, sectoral indices on Monday
The broader markets mirrored the benchmark indices, recovering sharply from early morning lows to end marginally in the green. The Nifty MidCap index rose 0.01 per cent, while the Nifty SmallCap index advanced 0.03 per cent.
Sectoral performance remained mixed. IT, Media, and Auto sectors ended with highest gains, while FMCG, Metal, and Healthcare finished in the red.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
