Trade Setup for July 24: Nifty bulls aim higher on weekly expiry after strong Infosys results

Following a gap-up opening, driven by strong global cues, the Nifty 50 faced some initial profit booking in the first half-hour of trade. However, the dip was short-lived. Post 9:50 am, the index resumed its upward momentum and maintained a strong uptrend through the session.Intraday dips were bought into, and the Nifty eventually closed at the day’s high.
The benchmark index ended with a gain of 159 points at 25,220, marking its highest close since July 10, 2025.
Buying in large private banks provided a huge boost, with HDFC Bank and ICICI Bank extending their post-earnings rally to hit record highs.Nearly 40 Nifty constituents ended in the green. Tata Motors, Bharti Airtel, and Shriram Finance emerged as the top performers, while Tata Consumer, Hindustan Unilever, and Infosys were among the key laggards.

The broader market also showed resilience. Both the Nifty Midcap and Smallcap indices recovered sharply from early lows. The Nifty Midcap 100 ended up 0.34%, while the Smallcap 100 index closed flat.

Infosys witnessed a sharp fall in the final hour, closing at Wednesday’s low ahead of its Q1 results. The IT major reported 2.6% quarter-on-quarter constant currency revenue growth. As expected, it raised the lower end of its FY26 constant currency revenue growth guidance to 1-3% from the earlier 0-3%. Margin guidance was maintained.Looking ahead, investors will keep an eye on key global macroeconomic data due Thursday, including US initial jobless claims, the ECB’s rate decision, and US Composite and Services PMI data.

Domestically, focus will remain on corporate earnings, with results expected from SBI Life, REC, UTI AMC, Aditya Birla Sun Life AMC, and V-Mart.

On the technical front, Nifty has reclaimed its 20-day EMA, currently placed at 25,185. According to Nandish Shah of HDFC Securities, immediate resistance is seen at 25,255, and a breakout above this could extend the rally towards the downward-sloping trendline resistance at 25,360. Support has now shifted higher to around 25,000.

Rupak De of LKP Securities said that the index has also moved above its 21-day EMA on the daily chart, indicating strengthening bullish sentiment, aided by improved global optimism following the US-Japan trade deal.

In the near term, the Nifty could head toward 25,500, with support placed at 24,900. A breach below this may weaken the current uptrend, he said.

Meanwhile, Nagaraj Shetti of HDFC Securities said the short-term trend appears to have turned positive amid range-bound action. The index is currently testing a crucial resistance at 25,250, a previous lower high. A sustained move above this level could trigger a sharp rally, with the next potential upside target seen at 25,550. Immediate support is at 25,100, he added.