Trade Setup for July 2: Doji candlestick pattern on the daily chart a sign of indecision.
Tuesday's 90-point intraday range ended with the index posting modest gains. Unlike Monday's "higher-high" that ended lower, Tuesday formed a "lower-high" but still closed in the green, indicating underlying strength.
Leading Tuesday's gain was Reliance Industries, now up in four of the last five sessions. It is only 5% away from its record high, following Nuvama's bullish target of ₹1,801. The Nifty Bank index also staged a strong recovery, closing 150 points higher, with PSU banks continuing their strong run—adding nearly ₹80,000 crore in market cap over six days.
Market sentiment is now closely tied to two triggers: the much-anticipated India-US trade agreement, said to be in the final stages, and Q1 earnings updates, particularly from top banks and FMCG companies that can indicate the strength of domestic consumption.
On the technical front, experts pointed to a Doji candlestick pattern on the daily chart—a sign of indecision. This could imply a turning point or ongoing consolidation.
Immediate support levels are seen at 25,400–25,300, near the 78.6% Fibonacci retracement, while a dip below 25,350 may push the index toward 25,200. On the upside, the resistance zone lies between 25,670–25,740, with interim hurdles at 25,600–25,630.
Stocks to Watch for July 2 Trading:
Asian Paints: CCI orders probe into alleged abuse of dominant position after a complaint by Grasim. DGCCI to complete probe in 90 days.
Hyundai Motor India: June sales at 60,924 units; SUVs form 67.6% of domestic sales.
Maruti Suzuki: Sales at 1.68 lakh units, down 6.3% YoY; exports up 21.9%.
Lupin: Gets USFDA approval for Loteprednol Etabonate Ophthalmic Gel for post-surgery inflammation.
JSW Energy: Signs battery storage deal with Rajasthan Vidyut Utpadan Nigam for 250 MW / 500 MWh project.
With geopolitical momentum and earnings season picking up, investors should brace for increased volatility and key breakouts.
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