Probable Scenario Analysis and Trade Plan for the Nifty MidCap Select Index 
NIFTY_MID_SELECT for the 23rd of July, 2026. The day is Thursday.
🟢 Bullish Scenario
There is no observable bullish setup. Doubt every up move. In fact, an up move will act as an opportunity to short the market. However, if the price breaks out above 14750, then a weak bullish move can be expected. The probable weak bullish targets above 14750 would be - 14800, 14850, and 14900.
🔴 Bearish Scenario
Presently, the price is in a bearish phase. Stay bearish if the price remains below 14600. The probable bearish targets below 14600 would be - 14550 and 14500. The price would receive strong support at 14500. Next, if the price decisively breaks down below 14500, then the probable bearish targets would be - 14450. The price would receive good support at 14450 as there is an unfilled gap and the monthly (July) opening price at 14461.35. Thus, it can be estimated that the price would receive support clustered in the zone of 14450.
🟡 No Trading Zone (NTZ): (14750 - 14600).
Here, the zone (14750 - 14700) is a super strong resistance. It is very difficult for the price to break out above this zone.
⏺ Range of Consolidation (ROC): (14700 - 14500).
Here, 14600 is the median of the ROC. The median works like an intraday sentiment evaluator. The price trading above the median would offer bullish sentiment, while the price trading below the median would trigger bearish sentiment within the ROC.
● Event
No high-impact event this week. One medium-impact event is the Euro Interest Rate Decision on 23rd July (Thursday). No holidays this week. There is a SENSEX weekly expiry. Lastly, geopolitical issues are omnipresent.
● Intraday, Weekly, and Monthly Bias
Establish bias with respect to the opening price (of the particular session - Intraday, Weekly, and Monthly). If the price sustains above the opening price, then don't think of shorting. Look for bullish trades only. On the contrary, if the price sustains below the opening price, then don't think of going long. Look for bearish trades in that case.
● Disclaimer + End Note
- All the analyses would fail in the case of a major gap up, gap down, or price structure anomaly. Thus, practice PRAGMATISM in the live session.
- Trade only if there is a set-up. Remember, not trading is an extension of the trading activity.
- Mark your points. Trade your points. Price is GOD. Anything can happen in the markets. Thus, trade what you see, not what you believe.
- Always PRACTICE RISK MANAGEMENT. Always PROTECT YOUR CAPITAL. Be RESPONSIBLE.
- Be Strategic. Be Courageous. Be Patient. Be Wise.
- Every day is a new day. Thus, do not carry the baggage of past successes or failures. Leave the gardens of winning and losing. Establish yourself in equanimity. Always think from a new perspective.
- Let the joy of trading drive your effectiveness, not greed or fear. Believe in Possibilities.
Happy Trading!
NIFTY_MID_SELECT for the 23rd of July, 2026. The day is Thursday.🟢 Bullish Scenario
There is no observable bullish setup. Doubt every up move. In fact, an up move will act as an opportunity to short the market. However, if the price breaks out above 14750, then a weak bullish move can be expected. The probable weak bullish targets above 14750 would be - 14800, 14850, and 14900.
🔴 Bearish Scenario
Presently, the price is in a bearish phase. Stay bearish if the price remains below 14600. The probable bearish targets below 14600 would be - 14550 and 14500. The price would receive strong support at 14500. Next, if the price decisively breaks down below 14500, then the probable bearish targets would be - 14450. The price would receive good support at 14450 as there is an unfilled gap and the monthly (July) opening price at 14461.35. Thus, it can be estimated that the price would receive support clustered in the zone of 14450.
🟡 No Trading Zone (NTZ): (14750 - 14600).
Here, the zone (14750 - 14700) is a super strong resistance. It is very difficult for the price to break out above this zone.
⏺ Range of Consolidation (ROC): (14700 - 14500).
Here, 14600 is the median of the ROC. The median works like an intraday sentiment evaluator. The price trading above the median would offer bullish sentiment, while the price trading below the median would trigger bearish sentiment within the ROC.
● Event
No high-impact event this week. One medium-impact event is the Euro Interest Rate Decision on 23rd July (Thursday). No holidays this week. There is a SENSEX weekly expiry. Lastly, geopolitical issues are omnipresent.
● Intraday, Weekly, and Monthly Bias
Establish bias with respect to the opening price (of the particular session - Intraday, Weekly, and Monthly). If the price sustains above the opening price, then don't think of shorting. Look for bullish trades only. On the contrary, if the price sustains below the opening price, then don't think of going long. Look for bearish trades in that case.
● Disclaimer + End Note
- All the analyses would fail in the case of a major gap up, gap down, or price structure anomaly. Thus, practice PRAGMATISM in the live session.
- Trade only if there is a set-up. Remember, not trading is an extension of the trading activity.
- Mark your points. Trade your points. Price is GOD. Anything can happen in the markets. Thus, trade what you see, not what you believe.
- Always PRACTICE RISK MANAGEMENT. Always PROTECT YOUR CAPITAL. Be RESPONSIBLE.
- Be Strategic. Be Courageous. Be Patient. Be Wise.
- Every day is a new day. Thus, do not carry the baggage of past successes or failures. Leave the gardens of winning and losing. Establish yourself in equanimity. Always think from a new perspective.
- Let the joy of trading drive your effectiveness, not greed or fear. Believe in Possibilities.
Happy Trading!
Note
It is 12:05(i) Opening price: 14564.85
(ii) Level 14500 is decisively touched by the price. Directional target successfully achieved.
(iii) Short-term target successfully hit.
(iv) Its time that the index will now take a rest and play sideways
(v) Level 14500 is crucial as a short straddle is active here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.