Nifty 50, Sensex today: What to expect from Indian stock market in trade on July 7

Mint

07-07-2025

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a tepid note on Monday, tracking weak global market cues amid confusion over US President Donald Trump's tariffs.
The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 25,536 level, a discount of nearly 4 points from the Nifty futures' previous close.
On Friday, the domestic equity market snapped its two-day losing run to end higher, with the benchmark Nifty 50 holding above the 25,400 level.
The Sensex rose 193.42 points, or 0.23%, to close at 83,432.89, while the Nifty 50 settled 55.70 points, or 0.22%, higher at 25,461.00.
Here's what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex, on intraday charts, is holding a lower top formation, and on weekly charts, it has formed a bearish candle, which is largely negative.
'The short-term market texture still appears to be positive. We believe that currently, the market is witnessing non-directional activity; perhaps traders are waiting for either side breakout. For the bulls, 83,600 would act as an immediate resistance zone. If Sensex succeeds in trading above this level, it could move up to 84,100. A successful breakout above this could push the index towards 85,000 - 85,300,' said Amol Athawale, VP-Technical Research, Kotak Securities.
On the flip side, if Sensex falls below 83,000, sentiment could turn negative. Below this level, the index could slip to 82,100 - 81,900, he added.
Nifty 50 shifted into a sustainable bounce back from the swing lows on July 4 and closed the day higher with modest gains.
'A small positive candle was formed with a long lower shadow on the daily chart which indicates a possibility of an emergence of buying interest from near the crucial support of around 25,300 levels. The bullish chart pattern like higher tops and bottoms is intact and current weakness in the market could be in line with the new higher bottom formation. The higher bottom reversal pattern needs to be confirmed with more upside,' said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Nifty on the weekly chart formed a reasonable negative candle pattern this week after an excellent upside breakout of broader high low range of around 24,500 - 25,200 levels in last week.
'Hence, the Nifty 50 is at the crucial support of previous broken resistance as per the concept of change in polarity. The next upside to be watched is around 25,700 for next week and 26,200 for the next two weeks and immediate support is placed at 25,300,' Shetti said.
Puneet Singhania, Director at Master Trust Group noted that the Nifty 50 formed a negative weekly candle, slipping 0.69% after the prior week's gain.
'Despite this, Nifty 50 holds key levels, with the 25,250 – 25,300 zone acting as strong support. The index remains above the 21-day and 55-day EMAs, while RSI at 61 signals strength. A breach below support may trigger further downside toward the psychological 25,000 mark. On the upside, immediate resistance is seen at 25,700; a decisive breakout above this level could trigger a rally toward 26,000. Positional traders can look to buy on dips near support,' said Singhania.
VLA Ambala, Co-Founder of Stock Market Today said that on a weekly frame, the Nifty 50 index formed a bearish candlestick pattern, a bearish hammer.
'This move can be viewed as a healthy pullback, as we are still amid an uptrend. We can expect Nifty 50 to find support between 25,400 and 25,320, and experience resistance near 25,570 and 25,650 in the next session,' Ambala said.
Bank Nifty index gained 239.95 points, or 0.42%, to close at 57,031.90 on Friday, forming a small bear candle with a higher high and higher low on the weekly chart, signaling consolidation after the recent strong up move.
'Key support for Bank Nifty is placed at 56,000 – 55,500 region, representing a confluence of key technical indicators — including the 50-day EMA and the 61.8% Fibonacci retracement of the recent rally (55,149 - 57,614). We expect the index to enter consolidation in the range 56,000 - 57,500 in the coming sessions. Only a move above 57,500 will open further upside towards 58,500 levels in the coming weeks,' said Bajaj Broking Research.
According to Puneet Singhania, the overall chart structure remains bullish, with the Bank Nifty index sustaining above its 21-day and 55-day EMAs.
'Key support lies at 56,500, aligned with the 21-day EMA. A breach may lead to further profit booking toward 56,000, though the broader trend remains strong. As long as these support levels are intact, a buy-on-dips strategy is advisable. On the upside, 57,600 remains a key resistance; a breakout above this level could trigger a fresh rally toward 58,000. Traders should watch for price action near support zones for potential entry opportunities,' said Singhania.
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