#Nifty 50 – Monthly Technical Analysis (July 2026)

Nifty 50 ended June on a positive note after finding strong buying interest within the 21,700–22,600 monthly demand zone, reinforcing the long-term bullish structure. The recovery from this support suggests that institutional participants continue to accumulate on declines, keeping the broader trend intact.
From an Elliott Wave perspective, the recent correction appears to have not completed Wave B, with the market now attempting to develop Wave C. The immediate challenge lies at the 26,227 supply zone, where previous rallies faced heavy selling pressure. A decisive monthly close above this resistance would confirm bullish momentum and increase the probability of an advance towards 28,098 and 28,588.
On the downside, the monthly demand zone remains the key support. As long as Nifty holds above this region, the outlook continues to favour buyers. However, rejection from the supply zone could lead to short-term consolidation before the next directional move. Overall, July is expected to be a decisive month, with price action around 26,227 likely to determine the index's next major trend.