Indian equity markets are set to open higher on Thursday, buoyed by positive global cues. The GIFT Nifty surged 95 points in early trade to 24,187.5, signaling a gap-up start for the Nifty 50. This follows Wednesday’s gains where the Sensex rose 0.58% to 76,922.64 and the Nifty closed above 24,000 at 24,005.85.
The Indian rupee also strengthened, opening 32 paise higher at 94.92 per dollar compared to the previous close of 95.24. Foreign institutional investors (FIIs) remained net sellers on July 2, offloading shares worth Rs. 1,140.50 crore, while domestic institutional investors (DIIs) bought shares worth Rs. 3,159.24 crore.
Sensex Outlook
Technically, the Sensex formed a small bullish candle on the daily chart, indicating sustained buying interest after the recent breakout. Shrikant Chouhan, Head of Equity Research at Kotak Securities, noted that 76,500 is a key support level for day traders. Above this, bullish momentum could push the index to 77,500-77,800. However, a fall below 76,500 could trigger selling pressure, with potential retests at 76,200 and 76,000.
Nifty 50 Outlook
Chouhan added that the Nifty 50 also formed a small bullish candle on the daily chart, with intraday charts showing a reversal pattern. He sees 23,900 as a critical support level. As long as the index stays above this, it could target 24,150-24,250.
Bank Nifty Outlook
Bank Nifty settled at 58,033.05 on Wednesday, up 490.15 points (0.85%), forming a bullish candle. Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said immediate resistance is in the 58,400-58,500 zone. A sustainable move above this could push the index to 58,900 and then 59,300 in the short term. On the downside, support is at 57,600-57,500.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any financial decisions.
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