Stock Market Update: Nifty 50 Eyes 24,000, Sensex Looks Toward 77,000 Amid Uncertainty in the Middle East

Indian markets are set to open higher on positive global cues as US-Iran talks ease Middle East escalation fears. GIFT Nifty indicates a gap-up start, trading at 24,110—up 111 points from the previous Nifty futures close. 

On Thursday, the Sensex added 238.22 points (0.31%) to end at 76,741.82, while the Nifty 50 gained 80.75 points (0.34%) to close at 23,962.80. Meanwhile, the rupee opened 13 paise stronger at Rs. 95.26 against the US dollar. 

Foreign institutional investors (FIIs) were net sellers in Indian equities on July 9, offloading shares worth Rs. 334.72 crore, while Domestic institutional investors (DIIs) stayed on the buying side, investing Rs. 1,285.25 crore.

Sensex Outlook

Technically, the Sensex formed a small-bodied candle with a longer upper shadow on the daily chart, indicating selling pressure at higher levels.

Going ahead, 76,000-76,200 is expected to act as an immediate support zone, while 77,000-77,300 remains the key resistance range for Sensex. The broader trend remains cautiously positive as long as Sensex sustains above the 76,000-76,200 support zone. A decisive move above 77,000-77,300 could strengthen bullish momentum and pave the way for further upside, while failure to cross this hurdle may keep Sensex range-bound with intermittent profit booking,” said Hitesh Tailor, Technical Research Analyst at Choice Equity Broking.

Nifty 50 Outlook

The Nifty 50 formed an inverted hammer candle on the daily chart, indicating the market is currently taking a pause after recent volatility rather than entering a fresh downtrend.

"Going ahead, we believe index holding above the support area of 23,800 being the almost identical lows of the last 3 weeks will lead to consolidation in the range of 23,800-24,350. Within the consolidation range Thursday's low of 23,925 is crucial holding above the same will lead to pullback towards 24,200 levels in the coming session," according to Bajaj Broking Research,

For Friday, 23,925 will remain an important level to watch. If the Nifty manages to stay above it, the index could attempt to move towards 24,200. However, if geopolitical tensions intensify and the Nifty falls below 23,800, selling pressure could increase and drag the index towards the 23,500-23,600 zone.

Also Read: US Stock Market Today: NASDAQ Rises as Chip Stocks Lead Wall Street Rebound Amid Iran Tensions 

Bank Nifty Outlook 

On Thursday, Bank Nifty rose 509.85 points or 0.90% to close at 57,252.45, forming a small bullish candle that remained contained inside the previous session range, signaling consolidation.

"A weakness below Wednesday's low of 56,550 will open downside towards the key short-term support of 55,500-55,000 levels. On the higher side, only a move above 58,000 will signal resumption of the up-move failure to do so will lead to some consolidation in the range of 55,500-58,000 levels. The daily stochastic remains in a downtrend signal immediate corrective bias," said Bajaj Broking.