Trade Setup for July 15: Nifty at risk of deeper correction if 24,900 fails to hold

The Nifty extended its losing streak for the fourth consecutive session on Monday, weighed down by tariff tensions that dented market sentiment. Despite the pressure, the index managed to hold above the psychological 25,000 mark, closing off the day’s lows with a 67-point decline amid choppy trade.After opening on a weak note, the Nifty slipped further before stabilising into a narrow range. Some minor recovery was seen towards the end of the session.
While the benchmarks closed lower, the broader markets outperformed, ending in the green with buying interest seen across sectors, barring IT stocks.
Among key laggards on the Nifty were Jio Financial, Bajaj Finance, Tech Mahindra, Wipro, and Asian Paints, while top gainers included Eternal, Titan Company, IndusInd Bank, ONGC, and SBI Life Insurance.IT stocks remained a major drag, with the Nifty IT index ending as the top sectoral loser. HCL Technologies posted a Q1 earnings miss on margins and downgraded its margin guidance to 17-18%, down from 18-19%, citing lower utilisation and increased investments in GenAI and go-to-market initiatives. FY26 revenue guidance was raised slightly to 3-5% from 2-5%, in line with expectations.
VIP Industries shares fell over 4% after promoters entered into a share purchase agreement to sell up to a 32% stake. However, the stock rebounded and ended the day with gains of over 5%.Ola Electric Mobility surged 20%, logging its highest single-day volumes since its Q1 results. The company projects FY26 revenue between ₹4,200 crore and ₹4,700 crore, implying flat to modest growth (-7% to +4%) from FY25 levels.

The day also saw the launch of Anthem Biosciences’ ₹3,395-crore IPO, which was subscribed 73% on Day 1. The Bengaluru-based firm’s issue, with a price band of ₹540-570 per share, will close on July 16.

Looking ahead, investors remain cautious ahead of CPI inflation data from both India and the US, further dampening overall sentiment.

From a technical standpoint, Nagaraj Shetti of HDFC Securities said the short-term trend in the Nifty remains weak, and the index may see further range-bound consolidation. Support is seen at 25,000-24,900, with a potential for a bounce from these levels. Immediate resistance lies at 25,200, he added.

Rupak De of LKP Securities noted that the index touched 25,000 intraday, near the 50-DMA. “If the 24,900-24,950 zone holds, a rally towards 25,350 is possible. However, failure to sustain above 24,900 may trigger a deeper correction,” he warned.

Hardik Matalia of Choice Broking highlighted 25,000 as strong support. “A decisive breach below this could lead to extended selling pressure, taking the index down to 24,700. On the upside, key resistance levels are placed at 25,200, followed by 25,350-25,500,” he said.