Nifty 50, Sensex today: What to expect from Indian stock market in trade on July 4

  • The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 24,465 level, a premium of nearly 100 points from the Nifty futures’ previous close.

Ankit Gohel
First Published4 Jul 2024, 07:27 AM IST
Nifty 50 formed a small negative candle on the daily chart with a gap-up opening (body gap, not a western gap) at the new highs with minor lower shadow.
Nifty 50 formed a small negative candle on the daily chart with a gap-up opening (body gap, not a western gap) at the new highs with minor lower shadow.(Photo: Bloomberg News)

Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Thursday following positive global market cues.

The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 24,465 level, a premium of nearly 100 points from the Nifty futures’ previous close.

On Wednesday, the domestic equity benchmark indices ended at record closing highs.

The Sensex jumped 545.35 points to close at 79,986.80, while the Nifty 50 settled 162.65 points, or 0.67%, higher at 24,286.50.

Nifty 50 formed a small negative candle on the daily chart with a gap-up opening (body gap, not a western gap) at the new highs with minor lower shadow.

Also Read | Indian stock market: 8 key things that changed for market overnight

“Though, this market formation looks like a doji type pattern or a consolidation at new highs, but the underlying trend of the market remains positive. Presently such consolidations or minor dips are eventually resulting in an uptrend continuation pattern. Having reached near to the overhead resistance of around 24,400 levels (1.618% Fibonacci Extension), the market could shift into further consolidations/range bound movement in the short term before showing further upmove in the near term,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

He believes a decisive move above 24,400 levels could open the next upside target of 24,900 levels (1.786% Fibonacci Extension) in the coming week.

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty OI Data

Analysing the Nifty Open Interest (OI) data, on the call side, the highest OI was observed at the 24,500 and 24,600 strike prices. On the put side, the highest OI was at the 24,000 strike price, noted Mandar Bhojane, Research Analyst at Choice Broking.

Also Read | Buy or sell: Vaishali Parekh recommends three stocks to buy today — July 4

Nifty 50 Prediction

Nifty 50 continued its upside momentum with range bound action continued on July 3 and closed the day with healthy gains of 162 points.

“The bulls have regained control from the bears, pushing the index above 24,300. This shift in sentiment has once again favored long trades in the market. Moving forward, the trend might remain strong in the near term as long as it stays above 24,000,” said Rupak De, Senior Technical Analyst, LKP Securities.

On the higher end, he believes the index might move towards 24,500. However, a fall below 24,000 could lead the index into consolidation.

VLA Ambala, Co-Founder of Stock Market Today (SMT) noted that Nifty’s RSI readings reflect overbought conditions with readings of 71 on the daily, 74 on the weekly, and 79 on the monthly timeframes.

“This means that while the index is in an overbought zone, all healthy dips are being bought. Private equity and financial institutions were the best performers in the latest market session, showing strong selection. Amid these developments, I would suggest investors focus on stocks set for a breakout rather than those that are already overbought,” Ambala said.

Also Read | Sensex @80K | M&M, Tata Steel among top 10 index gainers, up 15-75% in 6 months

Bank Nifty Prediction

Bank Nifty index jumped 921 points, or 1.77%, to close at 53,089 on Wednesday after hitting a new all-time high of 53,256.70 during the session. The banking index formed a Doji candlestick pattern suggesting uncertainty about the next trend.

“The Bank Nifty index witnessed strong momentum and surpassed the hurdle of 53,000 on a closing basis. The index is trading in a strong uptrend with higher high and higher low formations on the daily chart. The immediate support now stands at 52,500, and a dip towards this support would be an ideal opportunity to initiate fresh long positions,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

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.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess

News in Numbers

Numbers that help you understand news better
$24 M

$13.8 B

₹313 Cr

₹773.44 Cr

34.7 M sqft

250,000

$4.5 B

First Published:4 Jul 2024, 07:27 AM IST
HomeMarketsStock MarketsNifty 50, Sensex today: What to expect from Indian stock market in trade on July 4

Most Active Stocks

Tata Steel

167.05
03:57 PM | 16 JUL 2024
0.25 (0.15%)

Oil & Natural Gas Corporation

322.40
03:58 PM | 16 JUL 2024
-0.15 (-0.05%)

Bandhan Bank

198.30
03:41 PM | 16 JUL 2024
2.95 (1.51%)

Coal India

512.35
03:59 PM | 16 JUL 2024
14.4 (2.89%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Natco Pharma

1,281.05
03:59 PM | 16 JUL 2024
73.2 (6.06%)

Century Textiles & Industries

2,217.55
03:48 PM | 16 JUL 2024
116.85 (5.56%)

Tata Teleservices Maharashtra

81.33
03:54 PM | 16 JUL 2024
4.23 (5.49%)

India Cements

323.05
03:55 PM | 16 JUL 2024
15.8 (5.14%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    74,318.000.00
    Chennai
    74,755.000.00
    Delhi
    75,266.000.00
    Kolkata
    75,047.000.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.76/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanMint Shorts