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Published on 03-07-2026 10:22 am

Nifty continued to display strength by defending the 23900–23800 support zone and extending its recovery with a decisive close above 24140, reinforcing the prevailing bullish momentum. The price action remained constructive throughout the session, leading to an improvement in trend strength indicators and positioning the index for a potential breakout above the crucial 24200 resistance. A sustained move beyond this level could accelerate buying momentum and push the index towards the 24300–24440 zone. On the monthly chart, Nifty is witnessing a breakout from the previous month's consolidation range, signalling the beginning of a fresh directional move, supported by the favourable seasonal trend for July. Historically, July has been a strong month for the index, delivering an average gain of 2.58% over the past five years, with negative returns recorded only in 2019 and 2025. A decisive close above the 24300–24400 cluster would further strengthen the bullish structure and activate the channel pattern target of 24750 during the current series. On the downside, 23800 remains the key support, while 23980 can be used as a trailing stop for momentum longs. As long as Nifty sustains above 24000, the broader technical outlook remains positive, and the preferred strategy continues to be buy on dips.

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Published on 03-07-2026 10:21 am

Nifty 

Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 24176 with a gain of 170 points. On the daily chart the index has formed a Bullish candle forming higher High-Low formation compared to previous session indicates positive bias. The chart pattern suggests that if Nifty crosses and sustains above 24200 level it would witness buying which would lead the index towards 24250-24300 levels. Important Supports for the day is around 24050 However if index sustains below 24050 then it may witness profit booking which would take the index towards 23970-23900 levels.

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Published on 03-07-2026 10:19 am

Market Outlook

The key benchmark Nifty50 index extended its positive momentum for the second consecutive session of the July series, gaining 0.71% to close at 24,175. The index also closed above the 100-DEMA zone, reinforcing the prevailing positive bias in the ongoing consolidation phase. However, the 24,200-24,250 zone continues to act as an immediate challenge for the index, and a decisive breakout above this range could pave the way for a move towards the 24,500-24,600 zone. On the derivatives front, aggressive put writing at the 24,000 strike indicates a strong base formation, highlighting sustained buying interest and providing an immediate downside cushion.

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Published on 03-07-2026 10:16 am

BANK NIFTY

* The banking index closed with a flat note following heightened intraday volatility, still sustaining above key important moving averages.

* Despite a gap-up opening, persistent profit booking exerted downward pressure.

* Performance remained mixed, with ICICI Bank and IDFC First Bank outperforming, while Bank of Baroda and Yes Bank underperformed.

* Immediate resistance is placed at 58,800, whereas 56,900 represents critical support.

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Published on 03-07-2026 10:16 am

NIFTY

* Nifty extended gains for the second consecutive session on Thursday amid mixed cues.

* Technically, the Nifty has reclaimed its medium-term moving average, the 100-day EMA, around the 24,130 zone, indicating an improvement in the overall bullish tone.

* A sustained move above this level could pave the way for an extension towards the 24,450–24,600 zone in the near term.

* With rotational participation expanding across sectors and broader markets continuing to outperform, we maintain a positive stance and recommend following a "buy-on-dips" approach while focusing on relatively stronger stocks and maintaining disciplined risk management.

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