Trade Setup For July 10: Nifty Faces Support At 25,300 Levels Amid Tariff Jitters
The Nifty 50 may find resistance at 25,300-25,200 levels, one of the analysts said.
The NSE Nifty 50 ended in red after starting flat, signalling a 'wait and watch' sentiment from traders, according to Rajesh Bhosale, equity technical analyst at Angel One.
The benchmark index may find resistance at 25,300-25,200 levels and support at 25,450-25,300 levels, the analyst said. This comes amid weak global cues, triggered by the jitters around fresh tariffs announced US President Donald Trump.
The Nifty 50 formed a "small bear candle with small shadows in either direction" which remained enclosed inside previous session price action, signalling continuation of the consolidation for the fourth consecutive session, according to analysts from Bajaj Broking Research.
They identified immediate resistance at 25,600-25,800 levels and key support at 25,200–25,000, the brokerage added.
The Bank Nifty, another keenly tracked index, faces resistance at around 57,600 levels while support lies at 56,000–55,500, as per Bajaj Broking. The brokerage maintains a 'buy-on-dips' strategy for both Nifty and Bank Nifty indices.
Market Recap
The benchmark equity indices snapped a three-session gaining streak to close lower on Wednesday, dragged by share prices of Reliance Industries Ltd. and ICICI Bank Ltd.
The NSE Nifty 50 ended 46.4 points or 0.18% lower at 25,476.1, while the BSE Sensex closed 176.43 points or 0.21% down at 83,536.08. During the day, Nifty fell 0.38% to trade at 25,424.35 and Sensex declined 0.39% to 83,382.28.
Currency Update
Rupee closed two paise stronger against the US dollar at 85.68. It closed at 85.7 per dollar on Tuesday.
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