The Indian stock market is likely to open positively on Thursday, 2 July, tracking global market cues.
The Gift Nifty trends also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,187.5 level, a premium of nearly 95 points from the Nifty futures’ previous close.
Indian benchmark indices and snapped their two-session losing streak on Wednesday, supported by gains in global markets and easing crude oil prices, which lifted investor sentiment.
The Sensex advanced 443.97 points, or 0.58%, to close at 76,922.64. During the session, the 30-share index surged as much as 631.41 points, or 0.82%, to an intraday high of 77,110.08.
The Nifty 50 also ended higher, gaining 140.10 points, or 0.59%, to settle at 24,005.85.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Pvt. Ltd., said the Sensex ended the session at 76,922.64, gaining 443.97 points (0.58%), after remaining in positive territory throughout the day. The index opened at 76,545.21, touched an intraday low of 76,538.37 near the open, and gradually gained momentum to reach a high of 77,110.08 before witnessing mild profit-booking in the final hour. Despite the late-session selling, the benchmark closed firmly in the green.
From a technical perspective, Tailor noted that the Sensex formed a small bullish candlestick on the daily chart, indicating sustained buying interest following the recent breakout. However, he added that the formation also reflects some profit booking near higher levels, as the index failed to hold above the 77,100 mark.
According to Tailor, the Sensex continues to trade above its 20-day exponential moving average (EMA) after breaking out of a falling trendline, suggesting the short-term trend remains positive. He further pointed out that the Relative Strength Index (RSI) is hovering around 56, indicating improving momentum with scope for further upside.
Nifty Options Data
On the Nifty options front, maximum Call Open Interest (OI) is at 24,000 then 24,500 strike, while maximum Put OI is at 24,000 then 23,900 strike. Call writing is seen at 24,000 then 24,050 strike, while Put writing is seen at 24,000 then 23,900 strike.
“Options data suggests a broader trading range between 23,500 and 24,400 zones, while an immediate range between 23,800 and 24,200 levels,” said Chandan Taparia, Head – Derivatives & Technical Research, Motilal Oswal Financial Services.
Nifty 50 Prediction
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said the immediate resistance for the Nifty 50 is placed in the 24,130-24,150 zone. According to Shah, a sustained move above this range could extend the ongoing pullback towards 24,300, followed by 24,450 in the near term. On the downside, he identified the 23,850-23,870 zone as immediate support.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, said the Nifty 50 has formed a small bullish candlestick on the daily chart, while the intraday charts indicate a reversal pattern, suggesting improving market sentiment. He believes 23,900 on the Nifty 50 and 76,500 on the Sensex will act as key support levels for traders. As long as the indices remain above these levels, the bullish momentum is likely to continue, with potential upside targets of 24,150-24,250 for the Nifty 50 and 77,500-77,800 for the Sensex.
However, Chouhan cautioned that a breach below 23,900/76,500 could accelerate selling pressure, dragging the Nifty 50 towards 23,800 and 23,750—the latter coinciding with its 20-day Simple Moving Average (SMA)—while the Sensex could retest the 76,200-76,000 zone.
Bank Nifty Prediction
ended Wednesday’s session in positive territory after witnessing sustained buying interest from lower levels. Although the index attempted to reclaim the 58,000 mark, it struggled to hold above the key psychological level before closing near it, indicating improving sentiment despite resistance at higher levels.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said the immediate resistance for Bank Nifty is placed in the 58,400-58,500 zone. According to Shah, a sustained move above this range could extend the ongoing pullback towards 58,900, followed by 59,300 in the near term. On the downside, he identified the 57,500-57,600 zone as immediate support.
Ponmudi R, CEO of Enrich Money, said the index’s inability to sustain above 58,000 suggests that while near-term sentiment has improved, the market continues to face resistance at higher levels. He sees the 58,200-58,300 zone as the next immediate hurdle, adding that a decisive breakout above this range could strengthen bullish momentum and pave the way for a rally towards 58,600-58,700.
On the downside, Ponmudi said the 57,600-57,500 zone remains a crucial support area, with a break below it potentially dragging the index towards 57,200-57,000. While momentum indicators have improved following the recent recovery, he noted that Bank Nifty is yet to confirm a stronger breakout above key resistance levels. Overall, he maintains a cautiously positive outlook, with the recovery likely to continue as long as the index holds above 58,000.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.