Nifty rebounds from 23,600, but closes lower for 5th consecutive day

Broader markets stage sharp recovery from lows

Jul 24, 2026

Welcome to Aftermarket Report, a newsletter where we do a quick daily wrap-up of what happened in the markets, both in India and globally.

In our latest episode of In The Money by Zerodha, In Part 3 of the Swing Trading series, we move past stock selection and into what actually determines whether the strategy survives — timing, capital allocation, and exits. The parts most traders figure out too late.

We walk through five entry methods (Renko charts, N-day breakouts, flags & pennants, and more), show you how to build and manage a five-stock systematic portfolio with a strict one-in-one-out rule, and break down three trailing stop approaches side by side so you can pick one and stick to it.

We also cover position sizing — both equal allocation and risk-based sizing — with a worked example in rupees. And if you've never considered swing trading a basket of ETFs instead of individual stocks, there's a case for that too.

One thing worth keeping in mind going in: systematic doesn't mean set-and-forget. The math only works if the discipline does.

Check out In The Money

Markets Today

Nifty opened with a 203-point gap down at 23,666, tracking weak global cues after Brent crude surged above $100 per barrel, with no signs of geopolitical tensions easing. Selling pressure persisted through the opening hour, dragging the index to an intraday low near 23,610 as investors continued to trim risk.

However, the market gradually found support from those lower levels, and a steady recovery began mid-morning. By the end of the first half, Nifty had clawed back most of its early losses, reclaiming the 23,700 mark.

The second half saw a much stronger comeback. A sharp move around 12:20 PM lifted the index to 23,800, after which Nifty largely consolidated in the 23,760–23,800 range for the remainder of the session. Although there were a few brief bouts of selling, buyers continued to absorb the pressure.

Nifty eventually closed at 23,767.45, recovering nearly 170 points from the day’s lows and ending well above its opening level, reflecting resilient domestic buying despite elevated crude prices and persistent geopolitical concerns.

Sectoral Indices Performance

Winners & Losers

Commodities

FII / DII Flows

Here’s the trend of FII-DII activity from the last 5 days:

Thematic Indices

Tijori’s niche indices, where today’s move sorts pockets of the market beyond standard sector baskets. You can also track promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard

Change in OI for the day

The following is the change in OI for Nifty contracts expiring on 28th July:

The maximum Call Open Interest (OI) is observed at 24,000, followed by 24,200, indicating potential resistance at the 24,000 -24,100 levels.
The maximum Put Open Interest (OI) is observed at 23,500, followed by 23,700, suggesting support at 23,700-23,600.

Note: OI is subject to multiple interpretations; however, generally, an increase in Call OI indicates resistance in a falling market, while an increase in Put OI indicates support in a rising market.

Source: Sensibull

Top Stories in India

The Union Cabinet has approved the ₹3,030-crore BHAVYA-Rasayan Scheme to establish three dedicated chemical parks across India. Under the scheme, the Centre will provide up to ₹1,000 crore in assistance for each park, subject to a minimum ₹500 crore contribution from the respective state government. Dive deeper

India’s private sector activity expanded at its slowest pace in over three years in July, with the HSBC Flash India Composite PMI falling to 54.3 from 57.1 in June. The slowdown was driven by weaker growth in output and new orders amid challenging market conditions, rising competition, order cancellations, softer client enquiries, and raw material shortages. Dive deeper

The U.S. has imposed a 10% Section 301 tariff on imports from India as part of its forced-labour investigation, while 43 other economies, including China, Vietnam and Thailand, face a higher 12.5% tariff. Around 70% of India’s exports including engineering goods, textiles, chemicals, machinery, plastics, leather products, gems and jewellery, and furniture will be subject to the additional 10% tariff, although India did not receive the textile and apparel tariff-rate quota (TRQ) exemption. Dive deeper

HCLTech plans to establish an AI Data Center in Bhubaneswar with a planned investment of ₹14,257 crore, in partnership with Sarvam and the Government of Odisha. The facility, to be located in the upcoming Odisha Sovereign AI Park, is aimed at strengthening India’s sovereign AI infrastructure and follows HCLTech’s proposed entry into the full-stack AI market. Dive deeper

Shriram Finance reported a 59.8% YoY rise in Q1FY27 standalone net profit to ₹3,445 crore, while net interest income (NII) increased 33.7% to ₹8,056 crore. Net interest margin expanded to 9.04% from 8.11% a year earlier, and the board approved a plan to raise funds through debt securities between August and October. Dive deeper

Tata Consumer Products reported a 27.8% YoY rise in Q1FY27 consolidated net profit to ₹427 crore, while revenue from operations increased 11.9% to ₹5,349 crore. The company said operating performance benefited from lower tea costs in India, partly offset by higher coffee costs in the U.S., input cost inflation, and increased brand investments. Dive deeper

Bank of Baroda reported a 72% YoY decline in Q1FY27 net profit to ₹1,278 crore, after absorbing the impact of a roughly ₹5,700 crore out-of-court settlement linked to UAE-based NMC Health. Net interest income, however, rose 9.5% to ₹12,524 crore from ₹11,435 crore a year earlier. Dive deeper

Adani Energy Solutions has secured an inter-state transmission project worth around ₹8,500 crore in Andhra Pradesh. The project will strengthen power transmission infrastructure to support upcoming green hydrogen and green ammonia projects in the Visakhapatnam (Vizag) region. Dive deeper

Hindustan Zinc reported a more than two-fold YoY jump in Q1FY27 consolidated net profit to ₹5,469 crore, driven by higher metal prices, increased production, stronger by-product realisations, and a stronger U.S. dollar. The company also appointed former SAIL Chairman and Managing Director Amarendu Prakash as its CEO and Whole-time Director, effective August 1, 2026. Dive deeper

Management Chatter

In this section, we highlight interesting comments from management at major companies and from policymakers in the Indian and Global Economies.

Santosh Iyer, MD and CEO, Mercedes-Benz India, says that all their vehicles sold since January are E25 compatible:

“We started with the BS-VI transition that happened in 2018 and since 2020, the entire portfolio of Mercedes-Benz in India was E20-compliant. So, I think none of our customers need to worry about the fuel and the future also because, as I said, the future cars are already compliant to the E25 fuel as well as the cars that we sell today are compliant to E25,” - Link

Vikas Kaushal, Chairman and CMD at HPCL, informed that the refiner had supplies stocked until the end of August:

“We are very well covered for our crude till the end of August fully. In fact, yesterday we have started to buy for September,” - Link

Vetsa Ramakrishna Gupta, Director (Finance) at BPCL on Russian crude discounts:

“We have to wait, maybe next one week, we will come to know what the scenario would be. Although based on recent developments in the crude market, no one [presently] is offering any discount for Russian crude.” - Link