Nifty 50, Sensex today: What to expect from Indian stock market in trade on July 5

  • The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 24,265 level, a discount of nearly 12 points from the Nifty futures’ previous close.

Ankit Gohel
First Published5 Jul 2024, 07:21 AM IST
Nifty 50 formed a small negative on the daily chart at the highs and with minor upper shadow.
Nifty 50 formed a small negative on the daily chart at the highs and with minor upper shadow.(Photo: AP)

The Indian stock market is likely to open on a tepid note on Friday following mixed global market cues.

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 24,265 level, a discount of nearly 12 points from the Nifty futures’ previous close.

On Thursday, the domestic equity indices ended with minor gains at record closing highs.

The Sensex rose 62.87 points to close at 80,049.67, while the Nifty 50 settled 15.65 points, or 0.06%, higher at 24,302.15.

Nifty 50 formed a small negative on the daily chart at the highs and with minor upper shadow.

“Technically, this market action indicates lackluster type movement at the new highs. Similar type of formation has occurred during early to mid part of June month and the market has eventually bounced back sharply post consolidation,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Shetti believes the overall trend of Nifty remains positive as per smaller to larger timeframe chart.

Also Read | Indian stock market: 7 key things that changed for market overnight

“Though, Nifty placed at the highs, still there is no confirmation of any reversal pattern forming at the new all-time highs. However, having placed at the hurdle of around 24,400 levels (1.618% Fibonacci Extension), there is a possibility of this consolidation/minor dip extending for the coming sessions,” he said.

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

Nifty 50 Prediction

Nifty 50 index continued its choppy movement with positive bias on July 4 and closed the day higher by 15 points above the 24,300 level.

“On the expiry day, the Nifty index witnessed consolidation at higher levels but managed to trade above the 24,200 mark. The higher-end resistance is placed at 24,500, where the highest open interest is built up on the call side. A break above this mark will likely see a fresh move on the upside,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

According to Shah, the lower-end support is at the 24,200 - 24,150 zone, and a decisive break below this level could lead to further selling pressure towards the 24,000 - 23,800 mark.

Also Read | Buy or sell: Vaishali Parekh recommends three stocks to buy today — July 5

According to Osho Krishan, Senior Analyst - Technical & Derivatives, Angel One Ltd, the decline from highs could be interpreted as the initial sign of exhaustion for the bulls.

“On the level-specific front, the highs of 24,400 could be seen as intermediate resistance for Nifty. While on the lower end of the spectrum, 24,200 - 24,150 is likely to provide some cushion to any upcoming blips, while 24,100 - 24,000 withholds the sacrosanct support in the near term. Also, taking into consideration the overbought scenario, it is prudent to maintain caution and focus on thematic movers, which have been in the play for quite some time,” Krishan said.

VLA Ambala, Co-Founder of Stock Market Today advises the swing traders to keep their positions hedged due to potential volatility.

“Amid this bullish momentum, any dips up to 5-12% could be a good buying opportunity. However, it is best to focus on stocks that are currently trading at discounts with strong fundamentals,” said Ambala.

Also Read | From HCL Tech to Cummins, Chandan Taparia suggests three stocks to buy today

Bank Nifty Prediction

Bank Nifty index ended flat at 53,103.70 after testing record high during Thursday’s session.

“The Bank Nifty index is hovering around the 53,000 mark. A sustained move above this level will confirm the ongoing uptrend towards the 53,600 - 54,000 mark. The immediate lower-end support is placed at the 52,700 - 52,500 zone, and dips should be utilized to buy the index,” Shah said.

Once the index surpasses the hurdle of 53,200 on a closing basis, further short covering is expected, he added.

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.

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First Published:5 Jul 2024, 07:21 AM IST
HomeMarketsStock MarketsNifty 50, Sensex today: What to expect from Indian stock market in trade on July 5

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