Indian equity markets are poised for a positive open on Friday, buoyed by easing geopolitical tensions in the Middle East and strong global cues. GIFT Nifty is trading at 24,110, up 111 points from the previous Nifty futures close, signaling a gap-up start for the session.
On Thursday, the Sensex advanced 238.22 points (0.31%) to settle at 76,741.82, while the Nifty 50 gained 80.75 points (0.34%) to close at 23,962.80. The Indian rupee also strengthened, opening 13 paise higher at 95.26 against the US dollar.
Foreign institutional investors (FIIs) were net sellers in Indian equities on July 9, offloading shares worth Rs. 334.72 crore. In contrast, domestic institutional investors (DIIs) remained buyers, investing Rs. 1,285.25 crore during the same period.
Sensex Outlook
Technically, the Sensex formed a small-bodied candle with a longer upper shadow on the daily chart, indicating selling pressure at higher levels. Hitesh Tailor, Technical Research Analyst at Choice Equity Broking, noted, “Going ahead, 76,000-76,200 is expected to act as an immediate support zone, while 77,000-77,300 remains the key resistance range for Sensex. The broader trend remains cautiously positive as long as Sensex sustains above the 76,000-76,200 support zone. A decisive move above 77,000-77,300 could strengthen bullish momentum and pave the way for further upside, while failure to cross this hurdle may keep Sensex range-bound with intermittent profit booking.”
Nifty 50 Outlook
The Nifty 50 formed an inverted hammer candle on the daily chart, suggesting the market is pausing after recent volatility rather than entering a fresh downtrend. According to Bajaj Broking Research, “Going ahead, we believe the index holding above the support area of 23,800—being the almost identical lows of the last three weeks—will lead to consolidation in the range of 23,800-24,350. Within the consolidation range, Thursday’s low of 23,925 is crucial; holding above the same will lead to a pullback towards 24,200 levels in the coming session.”
For Friday, 23,925 remains a key level to watch. If the Nifty stays above it, the index could attempt to move towards 24,200. However, if geopolitical tensions intensify and the Nifty falls below 23,800, selling pressure could increase and drag the index towards the 23,500-23,600 zone.
Bank Nifty Outlook
On Thursday, Bank Nifty rose 509.85 points (0.90%) to close at 57,252.45, forming a small bullish candle that remained inside the previous session range, signaling consolidation. Bajaj Broking noted, “A weakness below Wednesday’s low of 56,550 will open downside towards the key short-term support of 55,500-55,000 levels. On the higher side, only a move above 58,000 will signal resumption of the up-move; failure to do so will lead to some consolidation in the range of 55,500-58,000 levels. The daily stochastic remains in a downtrend signal, indicating immediate corrective bias.”
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers are encouraged to conduct their own research before making any investment decisions.
Leave a Reply