Indian markets are likely to begin the day on a cautious note as Gift Nifty indicates another gap-down opening, marking yet another session of weak global cues.
With crude oil remaining elevated, FIIs continuing to sell, and Nifty approaching a crucial support zone, today’s session could be important for the market’s near-term direction.
##Global Cues Remain Weak
Key Overnight Developments
• Gift Nifty indicates a mild gap-down opening
• Crude oil surged nearly 8% in the previous session and continues to trade above $80
—–>Nifty Near Its Last Major Support
The market is now approaching a crucial technical zone.
Key Levels
Immediate Resistance: 24,000
Major Support: 23,600–23,700
This support zone is likely to be closely watched by traders.
If Nifty manages to defend this area, a technical rebound is possible. However, a decisive break below 23,600 could weaken market sentiment further.
## !INFY Q1: Strong Business, Cautious Outlook
Infosys reported a healthy operational quarter with:
• Revenue up 14% YoY to ₹48,211 crore
• Net Profit up 12.2% YoY to ₹7,769 crore
• AI revenue increased to 8.2% of total revenue
• Large deal wins remained strong at $3.6 billion
——>FII / DII Activity (23 July 2026)
Cash Market
• FII: -₹2,999.23 crore
• DII: +₹2,947.14 crore
FII Derivatives
• Index Futures: -₹1,840.02 crore
• Index Options: -₹10,223.94 crore
• Stock Futures: +₹2,181.49 crore
• Stock Options: +₹1,346.21 crore
FIIs continued to reduce exposure in the broader market through cash and index derivatives
##Sectors in Focus
IT
• !INFY
• !TCS
• !HCLTECH
• !WIPRO
Energy
!JSWENERGY
!NTPC
!TATAPOWER
Higher crude prices could keep ONGC, Oil India and other upstream energy companies in focus
##Bottom Line
Today’s session could be an important test for the bulls.
With 23,600–23,700 acting as the final major support, traders will closely watch whether domestic buying can absorb global weakness..