GG News Bureau
Mumbai, 3rd July: The Indian stock market is expected to open on a cautious note Thursday, tracking mixed global signals and modest gains indicated by the Gift Nifty, which was trading around 25,579 — a slight premium of 33 points over Wednesday’s Nifty futures close.
On Wednesday, benchmark indices ended in the red, with the Sensex falling 287.60 points to 83,409.69 and the Nifty 50 dropping 88.40 points to 25,453.40, slipping below the 25,500 mark.
Sensex: Weak Sentiment Below 83,500
According to Shrikant Chouhan of Kotak Securities, a bearish candle formed on the daily chart with a lower top pattern on intraday charts. If the Sensex remains below 83,500, further downside to 83,000 or even 82,800 is possible. However, any move above 83,500 could push the index back to 83,800–84,000 levels.
Nifty 50: Support at 25,300, Resistance at 25,600
Hardik Matalia of Choice Broking noted heavy Call Open Interest at 25,500–25,600, indicating resistance, while Put OI at 25,300–25,400 suggests strong support. The Nifty formed a narrow-bodied candle, hinting at consolidation.
Om Mehra from SAMCO Securities maintained a bullish outlook unless the index breaches 25,300. Sustaining above 25,610 could lead Nifty towards 25,740 and 25,850, with support from RSI (64) and MACD bullish crossover.
HDFC Securities’ Nandish Shah identified 25,317 and 25,222 as swing support levels, while the resistance zone remains at 25,640–25,740.
VLA Ambala of Stock Market Today suggested a sell-on-rise strategy, expecting support between 25,230–25,300 and resistance around 25,550–25,750 based on the formation of a bearish hammer candlestick.
Bank Nifty: Eyes on 56,800 Support, 58,000 Upside
The Bank Nifty shed 460.25 points to close at 56,999.20, forming a bearish candle after recent gains. According to Bajaj Broking, holding above 56,800 may trigger a pullback toward 58,000, else a correction toward 56,000–57,600 is possible.
Om Mehra said Bank Nifty remains technically strong, with RSI at 66 and MACD supporting bullish momentum. A breakout above 57,620 could extend gains to 58,200, while immediate support lies at 57,000, followed by 56,800.
