Indian Stock Market Outlook: Key Levels for Nifty 50 and Bank Nifty on July 8

The Indian stock market is expected to open flat on Monday, influenced by mixed global cues.

Market Performance on Friday:

• Sensex: Dropped 53.07 points, closing at 79,996.60.
• Nifty 50: Gained 21.70 points (0.09%), closing at 24,323.85.

Key Insights:

• Gift Nifty: Indicates a flat start, trading around 24,385.
• Bullish Signs: Nifty 50 formed a bullish candle on the daily chart, suggesting a potential positive trend.
• Nagaraj Shetti (HDFC Securities): Nifty may see an upside breakout around 24,400 – 24,500 levels.

Nifty 50 Predictions:

• Support and Resistance:
  
  • Support: 24,180 to 24,050.
  • Resistance: 24,350 to 24,450.
    
• Market Sentiment: Positive, with a possible rise to 24,500 and 24,900 in the near term.
• Rupak De (LKP Securities): Bullish trend likely to continue unless Nifty falls below 24,200.
• VLA Ambala (Stock Market Today): Nifty is overbought but remains bullish. Suggests buying on dips of 5-12%.

Bank Nifty Predictions:

• Current Levels: Fell 443 points to close at 52,660.
• Support and Resistance:
  • Support: 52,100 to 52,300.
  • Resistance: 53,000 to 53,200.
• Kunal Shah (LKP Securities): Bullish within the current range; declines are opportunities to buy.
• Rahul Ghose (Hedged.in): Bank Nifty likely to trade in a narrow range; cautious optimism due to HDFC Bank’s recent performance.