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Published on 02-07-2026 10:35 am

Market Outlook

Indian markets began the July series on a positive note, with the benchmark Nifty 50 index gaining nearly half a percent amid mixed global cues. After a firm opening, the index witnessed a gradual up move throughout the session and settled above the 24,000 mark, reflecting resilient buying behaviour. On the derivatives front, fresh put writing was observed at the 23,900 and 24,000 strikes, while the major call writing remain aligned with the 24,000 and 24,200 strike, highlighting a congestion zone for the near term. Overall, the market continues to lack a decisive directional trend and remains confined within the narrow consolidation range of 23,800 to 24,200. A sustained breakout or breakdown is likely to determine the next directional move

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Published on 02-07-2026 10:34 am

BANK NIFTY

* The Banking Index resumed its upward trajectory following a two-session correction, maintaining a decisive position above its short-to medium term EMAs.

* The index opened strongly and sustained buying momentum throughout the trading session.

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

* Immediate resistance is positioned at 58,700, with 56,900 serving as critical support

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Published on 02-07-2026 10:33 am

NIFTY

* Nifty started the month on a positive note, gaining nearly half a percent amid mixed cues.

* Technically, we continue to maintain our consolidation view on the Nifty until it registers a decisive breakout from the 23,800–24,200 range.

* In the meantime, we recommend maintaining a stock-specific approach, focusing on relative outperformers across sectors.

* We maintain our negative stance on IT due to its continued weakness, while opportunities are emerging in banking, realty, auto, pharma, and select industrial names.

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Published on 02-07-2026 10:32 am

Global News

• Oil Under Pressure Amid Supply Recovery and Output Hike Prospects: Oil prices declined over 1% on Thursday, with Brent falling to $70.84/bbl and WTI to $67.75/bbl, after Qatar reported positive progress in U.S.-Iran talks over the Strait of Hormuz, easing supply disruption concerns. Tanker traffic has largely returned to pre-war levels despite Iran's plans to impose shipping tolls from mid-August, while expectations of an oversupplied market grew as OPEC+ is likely to approve another 188,000 bpd output hike for August. Meanwhile, U.S. crude inventories dropped by 3.8 million barrels to 408.4 million barrels, their lowest level since September 2018, providing limited support to prices.

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Published on 02-07-2026 10:31 am

Economic News

• India unlikely to raise inflation target, RBI Governor Sanjay Malhotra says; expects strong growth: India's inflation target is unlikely to be raised, with Reserve Bank of India Governor Sanjay Malhotra suggesting a potential long-term reduction. He highlighted the success of the current inflationtargeting framework in lowering average inflation. Despite expectations of a rise, inflation remains below the central bank's 4% target, and the economy is projected for continued robust growth.

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