Trade Setup For July 2: Nifty Resistance At 25,670–25,740
Key positional support lies at 25,200–25,100 — the breakout zone's upper boundary.
The overall outlook for the NSE Nifty 50 looks optimistic, with the immediate resistance at 25,670–25,740, according to Osho Krishan, senior analyst of technical and derivative research at Angel One Ltd.
"A decisive and sustained move beyond the same is likely to catalyse new momentum, thereby facilitating the next phase of the rally toward the 26,000 mark," Krishnan said.
Krishnan determined support levels to be at 25,400 and 25,300.
Bajaj Broking Market Commentary sees resistance at 25,900–26,000 levels if the Nifty holds above the support zone.
"Key positional support lies at 25,200–25,100 — the breakout zone's upper boundary — which may now act as a support level, showcasing polarity, where previous resistance turns into support," analysts from Bajaj Broking Commentary said.
The Bank Nifty formed a high-wave candle on the daily chart for the second session in a row, suggesting a phase of time-wise consolidation amid stock-specific traction, Bajaj Broking said.
The index is currently perched above its immediate support zone of 57,000–56,800. Sustaining above this demand zone will keep the short-term bias constructive, paving the way for a potential move towards 58,500.
Market Recap
The NSE Nifty 50 ended 24.75 points or 0.1% higher at 25,541.8, while the BSE Sensex closed 90.83 points or 0.11% up at 83,697.29.
Currency Update
The rupee ended 21 paise higher at 85.54 against the dollar. Intraday, the local currency gained as much as 27 paise.
