Indian Stock Market: Sensex, Nifty Likely to Extend Winning Streak on Tuesday, July 7
Indian equity benchmarks are set for a positive start today, buoyed by strong momentum from Monday's session and supportive global cues.
Closing levels (July 6): Sensex closed at 78,285.07, up 0.67%, while Nifty ended at 24,430.35, up 0.66%. Nifty opened at 24,306.85, hit an intraday high of 24,458.65, and found support near 24,287.10 — a broad-range rally with a close near the day's high reflecting strong buying conviction.
GIFT Nifty signal: GIFT Nifty was trading 0.48% higher, pointing to a firm opening for domestic indices, with GIFT Nifty at 24,468.50 suggesting a mildly bullish bias for today's session.
Global cues: European markets were mixed — gains in the DAX and CAC 40 were offset by weakness in the FTSE 100 and STOXX 50. US markets ended firm on Friday, with the Dow at 52,900.07, S&P 500 at 7,483.24, and Nasdaq at 25,832.67.
Technical picture:
- India VIX settled at a comfortable 11.85, signaling subdued volatility, while Nifty's Put-Call Ratio climbed to 1.48 and Bank Nifty's PCR stood at 1.40 — both firmly bullish.
- The Sensex chart shows a bullish engulfing pattern, with 14-period RSI near 58, indicating positive momentum without being overstretched.
- Nifty's daily candle formed a Marubozu-like pattern — one of the strongest single-day bullish signals.
Levels to watch:
- Sensex: bullish tilt contingent on a breakout above 78,402.
- Nifty: as long as it holds above the 24,250 region, dips may continue to be bought.
- Bank Nifty: consolidating near 58,000, with a breakout above 58,700 potentially triggering a move toward 59,200 and eventually 60,000; the 57,000–57,500 zone remains a strong demand area.
Bottom line: After four straight sessions of gains, the trend looks constructive, though some analysts flag a possible pause given the sharp run-up. Traders will watch whether Nifty can hold above 24,250–24,300 and whether Bank Nifty can break decisively past 58,700 for the next leg higher.