Market Outlook: Technical Call Of The Day & Top 5 Stocks In Focus For 24th Jul 2025

Nifty index opened with a mild gap up but slipped in the first tick which was followed by recovery throughout the day. The support at 25085 zones was fueled painting a range-expansion after basing structure. It went on to cross 25200 zones and closed near its higher band with gains of around 160 points. It formed a bullish candle on daily scale and has started to make higher highs – higher lows from the last two sessions. Now it has to hold above 25150 zones, for a bounce towards 25350 then 25500 zones while supports are placed at 25100 then 25000 zones.

On option front, Maximum Call OI is at 25200 then 25500 strike while Maximum Put OI is at 25200 then 25100 strike. Call writing is seen at 25250 then 25450 strike while Put writing is seen at 25200 then 25150 strike. Option data suggests a broader trading range in between 24800 to 25600 zones while an immediate range between 25050 to 25400 levels.

 S&P BSE Sensex index opened on a positive note but came under selling pressure in the initial half an hour; however, it bounced from the support of 82300 zones. As the session progressed, it started moving higher, surpassing its resistance of 82600, which is also its 20 DEMA and closed above the same. Every small intraday dip was bought into, indicating buying interest for the day. It formed a bullish candle with lower shadow reflecting buying interest at support zones. It finally ended the day with gains of around 540 points near its day’s high. Now it has to hold above 82500 zones for strength towards 83000 then 83300 zones whereas supports are placed at 82500 then 82200 zones.

Bank Nifty index opened on a positive note but gradually drifted lower towards 56700 zones in the first half of the session. However good recovery was seen from lower levels as the index gradually extended the momentum towards 57250 zones in the latter part of the session. It formed a bullish candle on daily scale with longer lower shadow as buying is visible at lower levels but momentum is missing at higher zones. Now it has to hold above 57000 zones for an up move towards 57500 then 57628 marks while on the downside support is seen at 57000 then 56750 zones.

Nifty future closed positive with gains of 0.64% at 25254 levels. Positive setup seen in Dixon Tech, Max Health, Biocon, LTIM, Tata Chemical, Delhivery, UPL, LTF, Kalyan Jewellers and Bajaj Finance while weakness in Lodha, Colpal, Oberoi Realty, M&M Finance, IEX, Tata Consumer Product, HAL, NCC, ABB and IGL.

PROTEAN - TECHNICAL CALL OF THE DAY

The stock closed at day's high, seeing good accumulation on a relatively subdued day for midcaps. A good accumulation with high volumes reflects selling has been completed for now. The stock has been under pressure since May 2025 after it was not shortlisted for PAN 2.0 by the Income Tax Department, accounting for 50% of their revenues. After trading sideways the stock has seen some pick-up and this is visible in positive RSI divergence in daily charts indicating bullish implications.  

BUY PROTEAN CMP 830.95 SL 785.05 TGT 890.95

Top stocks to watch out for 24th Jul

Sunteck Realty:

• Sunteck Realty Limited is entering a Joint Development Agreement (JDA) for a project on the land admeasuring approx. 3.5 acres (~13,500 sq. mtrs.), situated at Mira Road on Western Express Highway, Mumbai. The Company expects to generate a sale component of approx. 5,50,000 square feet RERA carpet area from the development of this land parcel.

Infosys:

• In a muted quarter for the Indian IT sector, Infosys stood out as the only largecap IT firm to post sequential revenue growth in constant currency terms for Q1FY26, registering a 2.6% rise. This contrasts sharply with its peers in the Big 5, all of whom saw declines. TCS reported the steepest drop at (3.3%), followed by Wipro (2%), Tech Mahindra (1.4%), and HCLTech (0.8%).

Natco Pharma:

• The Board at its meeting held on 23rd July 2025 approved acquisition of 35.75% of shares of the Adcock Ingram Holdings Limited (“Adcock”), South Africa, with a total investment cost of approx. Rs 2000 crore including the transaction cost and other expenses. Adcock belongs to the pharmaceuticals industry and this acquisition is a Strategic investment with an objective of expanding its geographic footprint in South Africa. The said acquisition is expected to be completed before the 31st December 2025. 

Angel One:

• Angel One proposes to enter into a JV with LivWell to promote a digital-first life insurance company, subject to regulatory approvals. The proposed company with a capital infusion of Rs 4.0 billion, is being co-promoted by Angel One Ltd (26%) and LivWell Holding Company PTE Ltd (74%), with a shared vision of redefining access to life insurance in India, through technology and trust. 

• The JV will focus on operating on a digital-first architecture, leveraging tech-driven automation and personalisation to make insurance affordable, accessible and aligned to real-life needs. 

• With protection gaps exceeding 83%, Indians lack adequate life insurance, especially among young earners aged 26–35, highlighting a need for greater innovation, transparency, accessibility and trust, around insurance products and distribution.

Religare Enterprises:

• The Reserve Bank of India on 18th January 2018 had imposed a Corrective Action Plan (CAP) on the company's subsidiary Religare Finvest Limited (RFL), due to the irregularities observed during the inspection for its position as on 31st March 2017. Now, the Bank has noted the company's compliance towards adherence to the CAP conditions. Further, there has also been a change in management and directors of the company. In view of the above, the Reserve Bank of India has decided to withdraw the conditions imposed under CAP with immediate effect.