Morning Market Insights – 28 July 2026 (Monthly Expiry)

Today is the monthly expiry for Nifty & Bank Nifty, so expect high volatility, frequent swings and aggressive short covering throughout the session. Global markets are giving mixed signals this morning. Asian indices, especially Nikkei and Kospi, are trading sharply lower (down around 4-6%) due to heavy selling in semiconductor (chip) stocks. While this has hurt global tech sentiment, it could prove sentimentally positive for Indian IT companies as investors may look towards relatively resilient Indian technology names. Nifty is expected to open on a muted note. The index witnessed a strong rally yesterday and is now approaching the crucial 24,000-24,050 zone, which also coincides with the monthly expiry Max Pain level. The F&O data remains supportive with PCR at 1.13, indicating a slight bullish bias, while India VIX has cooled to 12.7, suggesting lower fear levels. Immediate support is placed at 23,900-23,850, followed by 23,800. On the upside, 24,050-24,100 remains the first hurdle, while a sustained move above 24,100 could trigger fresh momentum towards 24,200. Bank Nifty is also likely to witness a flat-to-negative opening after yesterday's strong rebound. The index is trading near its Max Pain level of 57,200, while PCR stands at 0.75, indicating relatively weaker bullish positioning compared to Nifty. Immediate support is placed at 56,900-56,800, whereas 57,300-57,500 remains the key resistance zone. A decisive move above 57,500 may lead to short-covering towards 57,800. Stocks to watch today: IT stocks may remain in focus due to weakness in global chipmakers, while expiry-driven action is expected in Banking, Financials and large-cap index heavyweights. Traders should avoid carrying oversized positions and focus on disciplined risk management during the volatile expiry session. $INFY $TCS