Nifty Today at a Glance (20 July 2026)

Today’s Nifty Prediction

Gift Nifty indicates a positive opening and Nifty enters the session with improving short-term momentum. The index has been making higher highs over the past week and is trading comfortably above its 20, 34, 50 and 89-day moving averages. However, it still remains below the 200-DMA, suggesting that the broader trend is yet to turn decisively bullish.

Technically, 24,435 (R1) is the key breakout level for today’s trade. A sustained move above this level can trigger short covering towards 24,535 and 24,700. On the downside, 24,166 (S1) is the first important support. A break below this level may lead to profit booking towards 24,000.

Market Probability

✅ 60% probability of trading between 24,250 and 24,500

✅ 30% probability of an upside breakout above 24,435

❌ 10% probability of a sharp decline below 24,166

Chanakya Trading Strategy

Bullish Scenario

Buy only above 24,435

Upside Targets

• 24,535
• 24,700
• Extended Target: 24,800

Stop Loss: 24,345

Bearish Scenario

Sell below 24,166

Downside Targets

• 24,000
• 23,900

Stop Loss: 24,260

No Trade Zone

24,165 – 24,435

Expect consolidation with rapid option premium erosion. Avoid aggressive directional trades inside this zone.

Key Nifty Levels Today

Nifty Option Strategy (21 July Expiry)

Conservative Breakout Trade

Aggressive Momentum Trade

Bearish Breakdown Trade

Why This Trade?

The current market structure continues to favour a buy-on-breakout strategy rather than aggressive selling.

• Nifty closed at 24,334.30, above its 20, 34, 50 and 89-day moving averages, confirming improving short-term momentum.
• The short-term trend is bullish, while the medium- and long-term trends remain bearish because the index is still below the 200-DMA.
• RSI at 58.48 indicates healthy momentum without entering the overbought zone.
• MACD remains above zero, although the histogram is slightly negative, suggesting momentum has moderated but remains positive overall.
• ADX at 10.57 indicates the market is still in a weak trending phase, making breakout confirmation essential.
• Stochastic at 75.10 reflects bullish momentum but also suggests the index is approaching overbought territory.
• Bollinger Bands show Nifty trading near the upper band, indicating buyers continue to dominate.

Final Verdict

Nifty starts the week with a positive technical setup, supported by higher highs and higher lows over the past few sessions. However, 24,435 remains the key resistance that bulls must conquer to extend the rally. Until this level is crossed decisively, traders should avoid chasing the market. A sustained breakout above 24,435 could trigger a move towards 24,700–24,800, while a break below 24,166 may result in profit booking towards 24,000.

Paresh Gordhandas View

The technical picture has improved considerably over the past week, but the market is yet to complete a full-fledged trend reversal. The low ADX indicates that momentum is still developing, while the option chain suggests that 24,300–24,400 will be the key battleground. Professional traders should wait for confirmation above 24,435 before taking aggressive long positions.