A strong setup across global markets is likely to push Indian equities higher today. The momentum is already visible in the GIFT Nifty, which jumped 95 points ahead of the previous futures close to trade around 24,187.5. 

This builds right on top of Wednesday's gains, when the Sensex was up 0.58% to 76,922.64 and the Nifty closed above 24,000 at 24,005.85. The domestic currency is also seeing a solid boost, with the rupee strengthening 32 paise early Thursday to open at 94.92 per dollar against its previous 95.24 close. 

Foreign institutional investors (FIIs) remained net sellers in Indian equities on July 2, offloading shares worth Rs. 1,140.50 crore, while Domestic institutional investors (DIIs), emerged as net buyers to the tune of Rs. 3,159.24 crore.

Sensex Outlook

Technically, the Sensex formed a small bullish candle on the daily chart, indicating sustained buying interest following the recent breakout. 

For day traders, 76,500 would act as a key support level. Above this, bullish momentum is likely to continue. On the higher side, the market could move till 77,500-77,800, said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

"On the flip side, below 76,500, selling pressure is likely to accelerate. Below this level, it could retest 76,200 and 76,000," he adds.

Nifty 50 Outlook

Shrikant Chouhan, Head of Equity Research at Kotak Securities, said the Nifty 50 has formed a small bullish candle on the daily chart, while the intraday charts indicate a reversal pattern, suggesting improving market sentiment. 

He believes 23,900 on the Nifty 50 will act as key support levels for traders. As long as the indices remain above these levels, the bullish momentum is likely to continue, with potential upside targets of 24,150-24,250 for the index.

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Bank Nifty Outlook

On Wednesday, Bank Nifty settled at 58,033.05, up 490.15 points or 0.85%, forming a bullish candle on the daily chart. 

"Going ahead, the immediate resistance for Bank Nifty is placed in the 58,400-58,500 zone. Any sustainable move above this zone could result in Bank Nifty extending its pullback towards 58,900, followed by 59,300 in the short term. On the downside, the immediate support for Bank Nifty is placed in the 57,600-57,500 zone," shared Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, while speaking about the current market scenario.