Equity benchmarks were trading in a tight range at midday on Thursday, as geopolitical tensions in the West Asia, a divided US Federal Reserve and anticipation of a key US inflation print kept investors on the sidelines despite firm domestic fundamentals and a strong IT sector.The Sensex was at ₹77,828.31, up ₹173.71 or 0.22 per cent, as of 12.50 PM, while the Nifty 50 stood at 24,296.05, up 45.85 points or 0.19 per cent, at the same time. The indices have now traded within a band of less than 0.25 per cent for the third consecutive session following the opening move, reflecting a lack of directional momentum.Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said the Nifty’s support zone lies at 24,130–24,150, while resistance is placed at 24,370–24,390. “In an event of a surge above 24,390, the index can experience an extension of the rally towards 24,590,” he noted, adding that a slip below 24,130 would expose the 23,980–24,000 zone. On the Sensex, support stands at 77,200 while resistance is at 78,000. The Nifty’s Advance-Decline ratio stood at 27:23, while on the BSE, 1,611 stocks advanced against 2,136 declines, with 89 stocks hitting 52-week highs and 58 at 52-week lows.Banking stocks continued to underperform the broader market, with ICICI Bank and Axis Bank among the top drags. Bank Nifty opened marginally lower near 57,127 and slipped below the 57,000 mark in early trade. The 57,300–57,400 zone remains the key resistance, while 56,800 is the immediate support to watch.IT stocks remained the standout performers. The Nifty IT index extended its rally for a fifth straight session, gaining over 1.5 per cent in morning trade. Wipro led Nifty 50 gainers, rising 2.64 per cent to ₹188.45. Tech Mahindra gained 2.18 per cent to ₹1,680.10, Max Health added 1.94 per cent to ₹1,133.00, Infosys rose 1.75 per cent to ₹1,175.80, and Coal India climbed 1.48 per cent to ₹416.10.On the losing side, Adani Ports was the top Nifty 50 decliner, falling 3.20 per cent to ₹1,664.70. Shriram Finance dropped 1.93 per cent to ₹1,024.50, Eternal slipped 1.38 per cent to ₹307.50, HDFC Life fell 1.37 per cent to ₹549.10, and Jio Financial Services declined 1.29 per cent to ₹246.26.In commodities, gold was outperforming silver globally, driven by safe-haven demand following fresh US strikes on Iran. COMEX Gold faced resistance near the $4,140–$4,160 zone, while MCX Gold traded steadily with support at ₹1,41,000–₹1,40,600 and resistance at ₹1,42,300. COMEX Silver was down 0.53 per cent near $57.725, while MCX Silver was trading near ₹2,16,300, tracking a broader decline in global silver prices. MCX Crude Oil opened with a gap-down near ₹8,000, while US WTI Crude was near $83.7 per barrel.The US dollar index closed at 100.9, down roughly 0.5 per cent, while the Indian rupee stabilised around ₹95.6 against the dollar, with the USD/INR pair facing technical resistance at ₹95.70–₹95.78.Ankita Pathak, Head of Global Investments at Ionic Asset, said: “...the path towards lower inflation appears to be more gradual than earlier anticipated...if Fed decides to tighten policy going forward, it could support the US dollar and weigh on commodities and emerging market assets if dollar strength is sustained.” She noted that the three dissenting FOMC votes and the Fed’s refusal to provide forward guidance have reinforced a data-dependent policy stance. The US PCE inflation print, the Fed’s preferred gauge, is due later in the day and is seen as the next major trigger for markets across equities, commodities and currencies. Recent CPI and PCE readings stood at 3.5 per cent and 4.1 per cent respectively, both above the Fed’s 2 per cent target. The US economy added an average of 111,000 jobs per month over the past three months, with the unemployment rate at 4.2 per cent in June 2026.Ponmudi R, CEO of Enrich Money, noted that options data points to meaningful call writing at the 24,300 and 24,400 strikes, while substantial put open interest at 24,200 and 24,100 indicates a floor of sorts for the market. “A sustained breakout above this band and the previous session’s high could reinforce bullish momentum and extend the rally towards the 24,400–24,500 region,” he said, while cautioning that a decisive move below 24,150 could shift the near-term outlook back to a cautious bias.Published on July 30, 2026