Technical View: Benchmark Equity Index Sensex and Nifty closed with an edge in the ups and downs on Friday. It was supported by shopping in banking stocks and positive global trends from the US market. The Sensex rose 193.42 points or 0.23 percent to close at 83,432.89. During the session, it reached the Intra-Day High of 83,477.86 and 83,015.83. It saw 462.03 points fluctuations. The Nifty rose 55.70 points or 0.22 percent to close at 25,461. Analysts stated that the Nifty could go above 25,500 points, with a possible upside target between 25,800 and 26,100.
How can the Nifty move on Monday 7 July
The metaphor of LKP Securities said, “Daily chart hammer pattern is made in the Nifty. This pattern is usually a reversal indicator.”
“As long as the index remains above the major support level of 25,300, it is expected to remain a century positive. The index is seen at 25,500 immediate resistance. The brakeout above it can be moved in the direction of an move forward towards 26,100.”
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How can the bank Nifty move on Monday 7 July
On Bank Nifty, analysts of Bajaj Broking said the index made a small bearish candle with Higher High and Higher Low on the weekly chart. It is indicating possible consolidation after recently seen.
He further stated that “The main support in the index is seen in the zone of 56,000-55,500. It is seen in conformity with the 61.8 percent Fibonacca Retrances of the recent rally from 50-day EMA and 55,149 to 57,614. The index can be consulted in 56,000-57,500 range. According to the brokerage, the index can be consolidated in the range of 57,50000. Can lead the index to 58,500 in weeks. “
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