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Below the Quote on Pre-market comment for Monday July 6 by Aakash Shah, Technical Analyst, Technical Research Analyst, at Choice Broking

Indian equity markets are expected to open on a mildly positive note, with Gift Nifty trading at 24,330, indicating a steady start despite being marginally lower by 20 points. Global cues remain supportive as Asian equities advanced and U.S. equity-index futures held on to Friday’s gains, driven by continued strength in technology stocks. Additionally, softer crude oil prices and a stable risk environment are likely to support market sentiment in the near term.

The Nifty 50 extended its winning streak for the third consecutive session on July 3, gaining 0.4 percent despite witnessing profit booking near the 24,400 marks. The index has strengthened its technical structure after breaking above the falling resistance trendline and continues to trade comfortably above its 20-day, 50-day, and 100-day EMAs. While the broader trend remains positive, the inability to sustain above the 24,400 level suggests that some consolidation may continue before the next directional move. Going forward, the 24,400 level remains the immediate hurdle, and a decisive breakout above this zone could trigger a rally towards 24,500–24,600, which coincides with previous swing highs. On the downside, immediate support is placed at 24,200–24,100, followed by the crucial support zone around 24,000.

From a technical perspective, momentum indicators continue to favor the bulls. The RSI has risen to 60.95 and registered a bullish crossover, indicating strengthening momentum. The MACD remains above both the signal line and the zero line, while the histogram has expanded with stronger green bars, reflecting improving bullish participation. Although the index formed a bearish candle due to profit booking at higher levels, it continues to hold above all key moving averages, suggesting that the broader uptrend remains intact.

Derivatives data continues to indicate a positive undertone. The Put-Call Ratio (PCR) stands at 1.07, remaining above the 1-mark and indicating continued put writing activity. While PCR has moderated from the previous session's elevated levels, it still reflects a supportive derivative structure and a bullish bias among traders.

The India VIX declined further by 3.99 percent to 11.79, marking its lowest closing level since February. The sustained decline in volatility highlights growing confidence among market participants and provides a favourable backdrop for equities. A continued move below the 12-mark is likely to further strengthen bullish sentiment.

Option chain positioning suggests strong support near the 24,000 strike, where meaningful put writing has emerged. Resistance remains concentrated in the 24,400–24,500 zone, where call writers continue to defend higher levels. A breakout above this resistance band may trigger fresh buying and short-covering activity.

Bank Nifty underperformed slightly in the previous session, declining 0.16 percent and forming a bearish candle. However, the index continues to trade comfortably above all key moving averages, with the 10-day EMA acting as a strong dynamic support. Momentum indicators suggest some moderation, as the RSI remains above 60 while the MACD is nearing a bearish crossover. Immediate support is placed around 57,800–57,500, while resistance is seen near 58,500–59,000. The broader banking trend remains positive despite short-term consolidation.

Overall, the technical setup suggests a stable to positive opening with a bullish bias. The broader trend remains constructive, supported by strong price structure, improving momentum indicators, low volatility, and supportive derivative positioning. The immediate trading range for Nifty is seen between 24,100 and 24,400, while a decisive breakout above 24,400 could pave the way for an advance towards 24,500–24,600 in the coming sessions.

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