Nifty, Sensex Prediction Today, 23 July: Indices likely to extend loses amid rising oil and global headwinds; key levels to watch on Thursday

Nifty, Sensex Prediction Today, 23 July: Benchmark equity indices extended their losing streak to a third straight session on Wednesday, with the Sensex and Nifty tumbling nearly 1 per cent following a sharp spike in crude oil prices, weak global cues and broad-based selling in banking and IT stocks. Technical analysts now expect the benchmark equity indices to remain under pressure in Thursday's trading session as indicators point to a weakening short-term trend.

Analysts believe elevated crude oil prices, cautious global sentiment and profit booking in heavyweight banking and IT stocks could keep volatility high, with Nifty expected to test the crucial 23,800 support zone while the Sensex eyes support near 76,100.

Sensex, Nifty at close on Wednesday

The 30-share BSE Sensex tanked 715.06 points, or 0.92 per cent, to settle at 76,755.05. During the day, it slumped 828.92 points, or 1 per cent, to 76,641.19.

The 50-share NSE Nifty declined 191.45 points, or 0.79 per cent, to end at 23,996.25.

Sensex, Nifty top gainers and losers on Wednesday

From the Sensex pack, InterGlobe Aviation, Infosys, State Bank of India, UltraTech Cement, ICICI Bank, and Axis Bank were among the major laggards. Hindustan Unilever, NTPC, Power Grid, and Titan were among the winners.

Among the Nifty constituents, InterGlobe Aviation, Dr. Reddy's Laboratories and Jio Financial Services emerged as the top losers.

Sensex Prediction for Thursday, July 23

According to Sachin Gupta, VP – Technical Research at Choice Equity Broking, the Sensex remains in a phase of temporary weakness after persistent selling across banking and IT heavyweights, elevated crude oil prices, and cautious sentiment amid the corporate earnings season.

“From a technical perspective, the short-term trend for Sensex reflects temporary weakness as the index trades below key exponential moving averages (20 EMA and 50 EMA on the daily chart). The RSI hovering near 47.95 further indicates a neutral-to-bearish momentum bias,” he said.

Gupta further stated the immediate support for the index is placed near the 76,100–76,200 zone, while stiff resistance on any pullbacks is seen around the 77,400–77,500 band.

“A decisive breakout above the resistance zone will be critical to revive bullish momentum and trigger an upward move,” he added.

Gupta said, “The BSE Sensex witnessed a weak trading session on 22nd July 2026, as the benchmark index surrendered to broad-based selling pressure right from the opening bell. After opening on a soft note at 77,385 (down by around 85 points compared to the previous close of 77,470), the index failed to build upward momentum and continued to slide lower throughout the day. By the session's end, persistent profit booking across major heavyweights dragged the Sensex down, closing significantly in the red.”

The primary reason behind the weakness was sustained selling pressure in major heavyweights, including Banking and IT, alongside elevated global crude oil prices and cautiousness surrounding quarterly corporate earnings. Global cues also weighed on sentiment. Weakness across major Asian markets and elevated crude oil prices amid macroeconomic uncertainties contributed to the risk-off environment across domestic equities, he stated.

Sectorally, the selling was led by significant declines in BSE Realty, BSE Services, BSE PSU Bank, BSE IT, and BSE Healthcare. On the flip side, bucking the overall negative market trend, BSE FMCG and BSE AUTO were among the very few sectors that managed to post gains, the analyst added.

Overall, Gupta stated the decline highlights a cautious market structure influenced by profit-taking and sector-specific rotation.

“As long as the Sensex holds above its primary support levels, the broader long-term framework remains intact, though elevated near-term volatility demands a disciplined approach from market participants,” he concluded.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the Nifty has confirmed a short-term bearish reversal after breaking out of its recent trading range.

“After showing a range bound action in the last couple of sessions, Nifty slipped into a sharp weakness on Wednesday and closed the day lower by 191 points. A long bear candle was formed on the daily chart that indicates breakdown of short-term range movement in the market,” Shetti said adding that the short-term trend of Nifty seems to have reversed down.

He believes further weakness could drag the index down towards the next crucial zone of around 23,800-23,650, where the significant upside gap formed on June 15 is placed. “Around the lower supports, one may expect another sizable bounce in Nifty. Immediate resistance is placed around 24150,” the analyst said.

Bajaj Broking Research also maintained a cautious stance, noting that Nifty has formed a sizeable bearish candle with a lower high and lower low, indicating a corrective bias. “Nifty has formed a sizable bearish candle with a lower high and lower low as it extends decline for the third session in a row. Nifty closed around the 24,000 levels and has formed a lower low on a weekly basis signaling corrective bias. The index in the process closed below the rising trendline joining last two major lows highlighting downward bias,” the brokerage firm said.

A follow through weakness below Wednesday low 23,961 will open further downside towards recent major low of 23,800 levels. “On the higher side 24,200 is likely to act as key hurdle in the coming sessions, only a move above the same will signal a pause in the last three session corrective trend,” he added.

“Overall, the index to extend consolidation in the range of 23,800-24,350. Only a breakout or breakdown will signal next directional trend in the index. Short term support is placed at 23,800 levels, being the confluence of the almost identical low of the last 5 weeks and 50 days EMA,” the brokerage said.

Nandish Shah, Deputy Vice President at HDFC Securities, said the benchmark has slipped below its 20-day and 100-day exponential moving averages and is hovering near its 50-day EMA, indicating increasing pressure on the short-term trend.

“The index also broke below the lowest level of the past nine sessions, pointing to weakening momentum,” Shah stated.

“A breakdown below the rising trendline connecting recent swing lows on the daily chart further strengthens the bearish setup. Nifty now appears headed toward the next support zone of 23,750–23,800, while the 24,200–24,300 band is likely to cap any near-term rebound,” he said.

Shah said, “Nifty extended its losing streak for the third straight session, shedding 191 points to close at 23,996. The index opened 37 points lower and stayed under pressure through the day, eventually slipping below the key 24,000 mark. NSE cash market turnover was also down 2% from the previous session.”

Among Nifty constituents, Bajaj Auto, Nestle and Tata Consumer led the gainers, while Indigo, Dr. Reddy’s and Jio Finance were the major laggards.

Sector performance remained weak, with only Auto and FMCG managing to stay in positive territory. Media, Realty and PSU Banks were among the sharpest losers.

Broader markets also came under heavy selling pressure along with the benchmark indices. The Nifty Midcap 100 declined 1.09%, while the Nifty Smallcap 100 fell 1.53%. Market breadth weakened after two sessions of improvement, with the BSE advance-decline ratio dropping sharply to 0.53, indicating renewed selling in mid- and small-cap stocks.

After a brief recovery on Tuesday, the Indian rupee came under renewed pressure, slipping 32 paise to close at 96.56 amid a surge in crude oil prices and rising geopolitical uncertainty. Fresh concerns around U.S. tariff rhetoric also weighed on sentiment, he added.

Broader markets, sectoral indices on Wednesday

The weakness was even more pronounced in the broader markets. The BSE MidCap Select index tumbled 1.33 per cent and SmallCap Select index declined 1.16 per cent.

The Nifty MidCap index ended 1.09 per cent lower, while the Nifty SmallCap index dropped 1.54 per cent.

Among the sectoral indices on the BSE, realty tanked 2.62 per cent, services (1.97 per cent), PSU bank (1.83 per cent), focused IT (1.73 per cent), MidSmall private banks quality tilt (1.63 per cent), IT (1.47 per cent) and private banks index (1.42 per cent). FMCG emerged as the only winner.

Among the sectoral indices on the NSE, Nifty Auto gained 0.20 per cent and Nifty FMCG rose 0.74 per cent. All other sectoral indices closed in the red. Nifty IT declined 1.56 per cent, Nifty Media lost 2.67 per cent, Nifty Metal fell 0.57 per cent, Nifty Pharma dropped 1.31 per cent, while Nifty PSU Bank declined 1.89 per cent.

A total of 2,780 stocks declined, while 1,458 advanced and 180 remained unchanged on the BSE.

On Tuesday, Sensex declined 238.41 points, or 0.31 per cent, to settle at 77,470.11. The Nifty edged lower by 50.80 points, or 0.21 per cent, to end at 24,187.70.

(Disclaimer: The above article is meant for informational purposes only and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)