Nifty May Stage Counter-Trend Rally; Bank Nifty Shows Relative Strength: Jatin Gedia

• Fighting the Storm: Nifty Shines Through Market Jitters

The Indian stock market can be a roller coaster ride at times. A slide down a steep roller coaster track can send shivers down the spine of trading floors and living rooms. This was also the case on the trading session of July 24, 2026, which tested the nerves of investors as benchmark indices faced sharp headwinds.

But under the panic and the red numbers, stories of quiet resilience started to emerge. VP, Technical Research, Teji Mandi, Jatin Gedia gave a comforting view on the market fundamentals, reminding traders that market corrections usually pave the way for unforeseen rebounds. Buyers came in just as the charts looked most daunting instead of giving in to panic, which gave comfort to market watchers.

• Nifty Bounces Back, Hope Near Critical Support

The Nifty 50 had a shaky beginning to the day as the index opened gapped down at 23,650 and dipped before finding its footing. While a drop of over 100 points might scare the casual observer, seasoned technical analysts know the action is in where the market closes, not where it drops to.

Nifty saw a good bounce in the intraday session and found a safe bounce from its intraday low of 23,606. “Hourly momentum indicators have registered a positive crossover, suggesting that a counter-trend rally could be on the cards,” said Gedia. With immediate support firmly anchored at 23,600, eyes are now set on an upward push towards the 23,870 to 23,968 range in the coming sessions. Resilience often wins the day.

• Bank Nifty Maintains a Steady Hand on the Wheel: Defies the Trend

Amidst the wider market's struggle for a direction, Bank Nifty took a different route, countering the trend to end with a solid 102 points gain. This outperformance was not accidental; it was rooted in textbook technical discipline.

The index found reliable, heavy buying interest right at a rising support trendline connecting prior swing lows from April and June. That technical floor, along with a steady cushion near its 200-day moving average at 56,492, gave bulls the confidence to push higher. Bank Nifty, now with targets pointing towards the 57,200 to 57,400 zone, is a reminder that patience, solid fundamentals and respecting historical trends can help investors ride out even the stormiest market days.