News

This is a Mint Premium article gifted to you. Subscribe to enjoy similar stories.

Stock market today: Indian stock market benchmarks, the Sensex and Nifty 50, closed slightly higher on Tuesday, 1 July, supported by gains in Bharat Electronics (BEL), Reliance Industries, and HDFC Bank amid mixed global cues.

The Sensex rose 91 points, or 0.11%, to end at 83,697.29, while the Nifty 50 gained 25 points, or 0.10%, to settle at 25,541.80.

However, broader markets underperformed. The BSE Midcap index slipped 0.07%, and the Smallcap index declined 0.18%.

The Nifty 50 opened flat on Tuesday and moved within a narrow intraday range of just 92 points, fluctuating between 25,501 and 25,593 before settling almost unchanged. The subdued price action led to the formation of a narrow-bodied candle on the daily chart, signalling indecision and a lack of strong directional bias.

Market breadth remained muted, with the advance-decline ratio evenly split at 1:1. Most major sectoral indices closed in the red, except for Bank Nifty, Pharma, and Metal, which posted modest gains.

Despite the tight trading range, the Nifty 50 continues to maintain a strong bullish structure, trading above all key moving averages across multiple timeframes. Momentum indicators reinforce this view—the Relative Strength Index (RSI) is trending higher around 64 on the daily chart, suggesting sustained positive momentum. The daily MACD has also confirmed a bullish crossover, indicating strength in the prevailing trend.

As per O’Neil’s market direction methodology, the Nifty’s reclaiming of the 25,116 level has upgraded the market status to a Confirmed Uptrend as of 11 June, 2024.

While the overall sentiment remains constructive, the near-term upside appears limited. The index is expected to face resistance in the 25,700–25,800 zone, with potential extension toward 26,000. On the downside, immediate support is seen at 25,500, with a stronger support level around 25,200.

The Nifty Bank index rose 0.26% on Tuesday in a volatile session but failed to surpass the previous day’s high. It traded within a choppy range and formed a small bullish candle with a lower wick on the daily chart—indicating intraday buying interest and support emerging in the 57,200–57,000 zone.

The gains were led by HDFC Bank and Kotak Mahindra Bank, while ICICI Bank and Axis Bank remained under pressure. In contrast, the broader financial index, FINNIFTY, underperformed slightly, ending down 0.18%.

Technically, Nifty Bank continues to reflect a strong bullish structure, trading well above all key moving averages across multiple timeframes. Momentum indicators remain supportive—the Relative Strength Index (RSI) is holding firm in bullish territory around 66, and the daily MACD has confirmed a positive crossover, suggesting continued near-term strength.

As per O’Neil’s market direction methodology, Bank Nifty has recently shifted from an Uptrend Under Pressure to a Confirmed Uptrend, reinforcing bullish sentiment.

The broader trend in banking stocks remains positive. A sustained hold above the 57,000 mark is likely to strengthen upward momentum, potentially driving the index toward the 58,500–59,000 zone in the coming sessions. On the downside, immediate support is placed at 56,500, with a more significant cushion seen near 56,000.

MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. It offers tools and resources to help investors make informed decisions based on the CAN SLIM methodology, developed by legendary investor William J. O'Neil. You can access a 10-day free trial by registering on its website.

Trade name: William O’Neil India Pvt. Ltd.

Sebi Registration No.: INH000015543

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.

Download the Mint app and read premium stories

Log in to our website to save your bookmarks. It'll just take a moment.

You are just one step away from creating your watchlist!

Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.

Your session has expired, please login again.

You are now subscribed to our newsletters. In case you can’t find any email from our side, please check the spam folder.

This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp