Prime End of the Day Summary: View on Market Performance 16 July 2026

Nifty Rises for Third Straight Session; Closes at Highest Level Since 25th May

Nifty extended its gains for the third consecutive session, advancing 135 points to settle at 23,989. The index opened nearly 70 points higher, supported by firm global cues and easing crude oil prices, and maintained its upward bias throughout the session to close near the day’s high. NSE cash market turnover declined 14% compared to the previous session.

Among index constituents, HCL Tech, Tata Consumer, and NTPC emerged as the top gainers, while Hindalco, JSW Steel, and HDFC Life were the key laggards.

Sectoral performance remained mixed. Realty, IT, and Media led the gains, whereas Metal, Healthcare, and Auto stocks ended in the red.

Broader markets continued to track the benchmark’s strength, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices advancing 0.4% each. Market breadth remained positive, with the BSE advance-decline ratio at 1.26.

The Indian rupee maintained its strengthening trend, appreciating by 15 paise to 94.56. The currency continues to benefit from a supportive macro environment, with declining crude oil prices easing external pressures. Additionally, improving global risk sentiment has driven flows into emerging markets, lending support to regional currencies, including the rupee.

The short-term trend remains positive, with Nifty trading above its key short-term moving averages. On the upside, a key technical hurdle is the 100-day exponential moving average (100 DEMA) placed near 24,150. Since the escalation in the Middle East (US-Iran-Israel) began, Nifty has not been able to sustain a move above that level. Two prior attempts in April and May 2026 failed to clear this resistance. A decisive close above 24,150 would establish bullish momentum on positional charts.

On the downside, the 50-day EMA near 23,780 is expected to act as immediate support. As long as the index holds above this level, the short-term outlook remains constructive.