Stock Market Outlook Today, July 28, 2026: Sensex, Nifty Likely to Remain Range-Bound Ahead of F&O Expiry

"Indian equities are witnessing a short-term relief, as de-escalation in West Asia and the resultant fall in crude oil prices provided interim support. Going ahead, Investors will closely monitor the US Federal Reserve's policy decision on Wednesday, followed by the Federal Reserve Chair's commentary for cues on the future interest rate path," said Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Nifty Prediction Today, 28 July 2026: What Can Traders Expect Today?

According to Bajaj Broking Research, the Nifty has formed a bullish candle with a higher high and a higher low after snapping its five-session losing streak. The formation of a bullish gap between 23,823 and 23,891 indicates renewed buying interest from key trendline support connecting the major lows recorded in April and June 2026.

The brokerage expects volatility to remain high during Tuesday's session due to the monthly F&O expiry. However, as long as the index holds above Monday's gap area of 23,823-23,891, the ongoing pullback is likely to remain intact, opening the possibility of an advance towards 24,100 and 24,170 in the near term.

"Going ahead, formation of higher high and higher low on a sustained basis and holding above 24,000 levels will signal pull back towards 24,300- 24,350 levels in the coming sessions. On the downside a move below Monday's gap area (23823-23891) will signal weakness and open downside towards the key support area of 23,500-23,600 being the confluence of the trendline support joining lows of April and June 2026, bullish gap area of 15th June 2026 and 61.8% retracement of the recent up move from 23,070-24,530," said Bajaj Broking Research.

Bank Nifty Outlook Today, 28 July 2026

Bank Nifty also ended Monday's session on a positive note, forming a doji candle with a higher high and higher low while closing above its 50-day exponential moving average (EMA). According to Bajaj Broking Research, the banking index continues to consolidate within the 56,500-58,700 range that has held for the past six weeks.

The brokerage believes the immediate hurdle for Bank Nifty is placed at 57,500, while the 58,500-58,700 zone is expected to act as a strong resistance in the coming weeks. A sustained move above these levels could strengthen bullish momentum in banking stocks.

On the downside, 56,500-56,000 remains a crucial support zone as it coincides with the lower end of the six-week consolidation range, a rising trendline and the 52-week EMA. Bajaj Broking noted that only a decisive breach below this support could accelerate the decline towards the 55,000 level.

The brokerage added that the relatively shallow correction from the previous rally suggests the broader trend remains positive, with the index continuing to build a higher base despite the recent consolidation.

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