Stock Market Outlook Today, July 17: Sensex, Nifty May Trade Range-Bound; Reliance Results, IT Stocks in Focus

What Could Drive Markets on Friday? Wipro, Tech Mahindra & Other IT Stocks To Watch Today

Apart from global cues, investors will closely monitor the ongoing corporate earnings season, with information technology stocks likely to remain in focus following the latest quarterly results announced by Wipro and Tech Mahindra. Stock-specific movements are expected to dominate trading as companies continue reporting their June quarter earnings.

"Indian equities are expected to trade sideways to mixed amid weak global cues and ongoing geopolitical tensions in West Asia. With the Q1FY27 earnings season gathering pace, stock-specific action is likely to dominate. IT sector will be in focus after earnings announcements from Wipro and Tech Mahindra," said Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Nifty Prediction Today, July 17, 2026

According to Bajaj Broking Research, the Nifty continues to remain in a consolidation phase after ending Thursday's session with a small bearish candle. The brokerage believes the index is still moving within a well-defined trading range and has not yet signalled a decisive directional breakout.

"On expected lines, the index is seen consolidating in a range. We expect the index to extend the recent consolidation and trade in the range of 23,800-24,350," said Bajaj Broking Research.

The brokerage noted that the immediate support zone lies around 24,000-23,950, which includes last Friday's gap area and Monday's low. As long as the index sustains above this level, analysts expect a recovery towards the upper end of the consolidation range.

"We expect the index to hold above the same and witness a pullback towards 24,250-24,350 levels, being the upper band of the recent consolidation range. Short-term support is placed at 23,800 levels, being the confluence of the almost identical low of the last 4 weeks and 50 days EMA. While only a breakout above 24,350 will signal strength and open upside towards 24,600 levels, being the high of April 2026."

Bank Nifty Outlook Today

Bank Nifty also remained under pressure during Thursday's session, forming a bearish candle as traders booked profits near higher levels. The banking index continues to remain below the 58,000 mark and has been trading sideways for nearly five weeks.

According to Bajaj Broking Research, Bank Nifty is currently consolidating between 58,700 and 56,500, and a decisive breakout from either side is required to determine the next major trend.

"On the upside, 58,700 (June's high) remains the immediate hurdle. A decisive close above this level would confirm a breakout from the ongoing consolidation and could trigger the next leg of the rally towards 59,300 and eventually 60,000 levels in the coming weeks," the brokerage said.

On the downside, analysts believe the 56,500-56,000 zone remains a strong support area as it coincides with both the 20-week and 50-week exponential moving averages (EMAs) along with the previous week's low, making it an important demand zone for the banking index.

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