Nifty 50, Sensex today: What to expect from Indian stock market in trade on July 9

  • The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 24,385 level, a premium of just 5 points from the Nifty futures’ previous close.

Ankit Gohel
Published9 Jul 2024, 07:33 AM IST
Nifty 50, Sensex today: What to expect from Indian stock market in trade on July 9
Nifty 50, Sensex today: What to expect from Indian stock market in trade on July 9(Photo: Bloomberg News)

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a muted note Tuesday amid positive cues from global peers.

The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 24,385 level, a premium of just 5 points from the Nifty futures’ previous close.

On Monday, the domestic equity indices ended rangebound session flat amid lack of major triggers, with the Nifty 50 holding above 24,300 level.

The Sensex eased 36.22 points to close at 79,960.38, while the Nifty 50 settled 3.30 points, or 0.01%, lower at 24,320.55.

Nifty 50 formed a small body candle on the daily chart with minor lower shadow.

Also Read | Indian stock market: 6 key things that changed for market overnight

“Technically, this market action looks like a doji type candle formation (not a classical one). But, having formed this pattern beside the long bull candle of Friday signals sideways range movement in the market. The minor degree bullish pattern like higher highs and higher lows is visible on the daily chart. Having shown a minor dip at 24,168 levels on Friday, the chances of further upmove towards a new higher high is likely in the near term,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

He believes the short term trend of Nifty continues to be positive and there is a possibility of continuation of this range movement for the next 1 or 2 sessions before witnessing further upmove above 24,400 levels. 

According to him, a sustainable move above the key hurdle of 24,400 levels could open a sharp upmove for the market ahead.

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

Nifty 50 Prediction

Nifty 50 continued the range bound action with positive bias on July 8 and closed the day lower by 3 points.

“The Nifty remained range-bound during the day, as market participants appeared to be in no hurry to decide the market’s direction. Support remains at 24,240, and a fall below this level might weaken the strength of the bulls. Until then, dips might be bought into,” said Rupak De, Senior Technical Analyst, LKP Securities.

On the higher end, he believes resistance is seen at 24,375 - 24,400 and above 24,400, the index might move towards 24,600.

Also Read | Buy or sell: Vaishali Parekh recommends three stocks to buy today — July 9

According to Rahul Ghose, CEO of Hedged.in, Nifty 50 index pivot has dropped to 24,285, accordingly the buy zone for Nifty spot is trading in the range of 24,230 to 24,260, the extremely low buy shall be at 24,130. The sell zone is trading in the range of 24,385 to 24,415, any breakout from this resistance level, Nifty spot has the potential to test 24,520 on the upside, in July expiry, he said.

As days seem to have started showing downticks, it is important to read price action very carefully as a correction is due, Ghose added.

VLA Ambala, Co-Founder of Stock Market Today noted Nifty’s RSI readings showed 72 on the daily and 74 on the weekly timeframe, indicating its overbought conditions. The index is trading just 2% from its 20-day EMA and we could expect small profit bookings in the next 5-10 days.

She expects Nifty to find support between 24,300 and 24,180, with resistance levels expected to be between 24,430 and 24,500.

Also Read | From BHEL to GAIL , Chandan Taparia suggests three stocks to buy today

Bank Nifty Prediction

Bank Nifty index plunged 235 points to close below its support level at 52,500 on Monday, forming a small-bodied candlestick on the daily chart.

“The trend however, remains positive as it closed above the critical moving average. Strong support level is at 52,000 where Put writers are present heavily. While the Call writers seen heavying position at 52,500. A close above 52,500 might induce a sustained rally towards 53,000,” De said.

Meanwhile, Ghose noted that the Bank Nifty pivot also dropped to 52,590.

“The buy zone for Bank Nifty spot is trading in the range of 52,240 to 52,380, and the extreme low for Bank Nifty shall be 51,785, once the support at 52,210 is taken out. The sell zone for Bank Nifty is trading in the range of 52,940 to 53,080, any breakout from the resistance, Bank Nifty is likely to test 53,535 on the upside,” Ghose said.

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
$1 B

2 Hrs

19.50 L

250 MTPA

₹18.05 Cr

₹100/kg

First Published:9 Jul 2024, 07:33 AM IST
HomeMarketsStock MarketsNifty 50, Sensex today: What to expect from Indian stock market in trade on July 9

Most Active Stocks

Bharat Electronics

312.60
03:47 PM | 22 JUL 2024
6.3 (2.06%)

Tata Steel

160.35
03:44 PM | 22 JUL 2024
2.6 (1.65%)

Wipro

505.75
03:47 PM | 22 JUL 2024
-51.5 (-9.24%)

Bharat Petroleum Corporation

308.30
03:46 PM | 22 JUL 2024
4.5 (1.48%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Rashtriya Chemicals & Fertil

234.90
03:29 PM | 22 JUL 2024
20.95 (9.79%)

NBCC India

185.00
03:29 PM | 22 JUL 2024
13.2 (7.68%)

Indian Hotels Company

621.30
03:29 PM | 22 JUL 2024
44.05 (7.63%)

Chalet Hotels

820.00
03:29 PM | 22 JUL 2024
55.9 (7.32%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    75,510.00293.00
    Chennai
    75,657.000.00
    Delhi
    75,217.00732.00
    Kolkata
    75,144.00659.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.98/L0.23
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanBudget