The market has come under pressure due to the renewed uncertainty with respect to the US-Iran dispute.
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Nifty 50 began today’s session with a gap-down at 24,039 versus last week’s close of 24,207. It is now trading at 24,050, down nearly 0.7 per cent. The market has come under pressure due to the renewed uncertainty with respect to the US-Iran dispute.The advance/decline ratio stands at 8/42, showing a bearish bias. TCS (up 1.7 per cent) and ONGC (up 1.2 per cent) are the top performers. Whereas InterGlobe Aviation and Tata Steel, down 2.1 per cent each, are the top losers.Barring Nifty Media (up 0.5 per cent) and Nifty IT (up 0.1 per cent), all other sectors are in the red. Nifty Auto and Nifty Metal (down 1 per cent each) are the top losers followed by Nifty Financial Services (down 0.9 per cent). Overall, the above factors hint at a bearish outlook for the day. Nifty 50 futuresThe July expiry Nifty futures began today’s session lower at 24,077 versus Friday’s close of 24,242. It is now trading at 24,100, down 0.6 per cent.While there are certain bearish factors as mentioned above, the chart shows that Nifty futures is trading within two key levels of 23,900 and 24,300. In fact, it is now hovering around the mid-point of this range.Until the contract trades within this price band, the path of the next leg of trend will remain uncertain.A breakout of 24,300 can lift the contract to 24,570 quickly. Subsequently, it can rise to 24,750. However, if Nifty futures slips below the support at 23,900, the downswing can extend to 23,600.So, as it stands, despite the bearish indications now, since there is support ahead, we cannot be outrightly bearish on Nifty futures. Also, the bulls have challenges too, indicating considerable uncertainty. Trading strategyGiven that Nifty futures is now trading within the 23,900-24,300 range, we suggest staying out.Supports: 23,900 and 23,600Resistance: 24,300 and 24,570Published on July 13, 2026
