The Indian stock markets are set to open on a flat note following mixed global signals, with the Middle East uncertainty and US-Iran peace talks keeping investors cautious. GIFT Nifty is trading at 23,994, indicating a slight positive start with a premium of around 20 points from its previous Nifty futures close.
On Monday, the Sensex declined 372.10 points (0.48%) to close at 76,728.37, while the Nifty 50 fell 109.75 points (0.46%) to settle at 23,946.25. The Indian rupee opened marginally lower at Rs. 94.57 per dollar versus the previous close of Rs. 94.53.
Foreign institutional investors (FIIs) remained net sellers, offloading equities worth Rs. 1,350.10 crore on June 29, while domestic institutional investors (DIIs) emerged as net buyers with Rs. 2,801.45 crore.
Sensex Outlook
Technically, the Sensex formed a bearish candle on the daily charts, indicating further weakness from current levels. According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, “76,800 would act as an immediate reference point for day traders. Below this level, the market could retest the levels of 76,200-76,000. On the flip side, above 76,800, the rally could continue towards 77,300-77,500. The intraday market texture is non-directional. Hence, level-based trading would be the ideal strategy for day traders.”
Nifty 50 Outlook
The Nifty 50 continued to consolidate around the psychologically important 24,000 mark after forming a small bearish candle with a lower high and lower low on the daily chart, indicating a corrective bias in the short term.
Bajaj Broking Research noted, “Immediate resistance remains in the 24,100-24,150 zone, which coincides with Monday’s intraday high. On the downside, immediate support is placed between 23,900 and 23,800. Analysts also identify the 23,500-23,600 region as a crucial short-term support area, while the next major resistance is near the 24,600.”
The brokerage added, “We believe overall bias is positive and the current breather should be used as a buying opportunity as we expect Nifty to gradually head towards the 24,500-24,600 levels in the coming weeks.”
Bank Nifty Outlook
On Monday, Bank Nifty declined 449.70 points (0.77%) to close at 57,727.35, forming a small bearish candle with a lower high and lower low, signaling consolidation. Bajaj Broking stated, “Going ahead, bias remains positive, and dips towards the support area of 57,000 should be used as a buying opportunity for a gradually upward move towards 59,200 levels in the coming sessions, being the 138.2% external retracement of the previous decline 57,456-52,783.”
The brokerage noted that the banking index continues to find strong support around the 57,000 level. As long as this support holds, the overall outlook is expected to remain positive.
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.