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Below the Quote on Post Market Comment 02 July 2025 by Hardik Matalia, Research Analyst, Choice Broking Ltd

Indian equity markets ended on a negative note on July 02, as indices faced selling pressure from higher levels throughout the session. The Sensex declined by 287.60 points or 0.34% to close at 83,409.69, while the Nifty slipped 88.40 points or 0.35% to settle at 25,453.40. Market sentiment remained cautious, with pressure visible at higher levels.

The Nifty 50 opened on a flat note but faced selling pressure from higher levels, dragging the index below the 25,400 mark and hitting an intraday low of 25,378.75. However, it managed to recover slightly and ended the session around 25,450. On the daily chart, the index formed a strong bearish candle with a slight lower wick, indicating dominance of bears and rejection at higher levels. For the uptrend to resume, the index needs to sustain above the immediate resistance of 25,500, with a stronger hurdle seen in the 25,600–25,700 zone. On the downside, 25,400 now acts as the first line of support, followed by a more significant support zone near 25,300. Top gainers in the Nifty 50 were Tata Steel, JSW Steel, Asian Paints, UltraTech Cement, and Maruti, while Shriram Finance, HDFC Life, IndusInd Bank, Bajaj Finserv, and Larsen & Toubro were among the top losers.

Bank Nifty also faced selling pressure from higher levels and ended the session on a negative note. On the daily chart, it formed a strong bearish candle with a slight lower wick, indicating selling dominance with limited buying interest at lower levels. The index needs to hold above the crucial support level of 57,000 to keep the ongoing buying trend intact. A breach below this level could lead to extended weakness, with the next key support zone placed around 56,700–56,500. On the upside, immediate resistance is seen near 57,200, followed by a stronger hurdle at 57,500. A sustained move above these levels is essential for any meaningful upside and a potential rally towards new record highs.

Meanwhile, India VIX declined by 0.66% to 12.4450, indicating a slight drop in market volatility and reflecting relatively stable sentiment among market participants. In the derivatives segment, open interest (OI) data showed the highest Call OI at the 25,500 strike, followed by 25,600—suggesting a resistance zone around these levels. On the Put side, the highest OI was observed at the 25,400 and 25,300 strikes, highlighting strong support levels. This OI setup indicates that the 25,300–25,600 range will be crucial for Nifty's next directional move.

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