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09:25 (IST) 7 Jul 2023
Nifty, Sensex open in crimson
The NSE Nifty 50 dipped 33.60 factors or 0.17% to 19,463.70 and BSE
08:29 (IST) 7 Jul 2023
Bank Nifty consolidation vary prone to be 45000-45600
“Bank Nifty continued to trade within a range (45000-45660) for the third consecutive day. Overall, the Bank Nifty is in consolidation mode after a sharp run-up. The hourly momentum indicator has a negative crossover and negative divergence which indicates a loss of momentum on the upside. Overall, the range of consolidation is likely to be 45000-45600,” stated Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
08:29 (IST) 7 Jul 2023
Nifty/Sensex might see correction until 19325-19300/65150-65000
“Nifty 50 and Sensex have formed a bullish candle and on intraday charts it is holding higher bottom formation that also support further uptrend from the current levels. For the trend-following traders now, 19375/65350 would be the sacrosanct support level. Above this, the market could rally till 19575-19625/66000-66100. On the flip side, below 19375/65350 uptrend would be vulnerable. Below the same, we could see a quick one intraday correction till 19325-19300/65150-65000,” stated Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
08:29 (IST) 7 Jul 2023
Nifty upward goal revised to 19900
“The hourly momentum indicator has a negative crossover which is a concern because in the absence of support from the momentum indicator it may be unable to sustain at higher levels. Overall, the trending moves are resuming and slowly it is inching higher. We revise the target upwards to 19900. In terms of levels, 19300-19270 shall act as a crucial support zone while 19650-19670 shall act as a crucial resistance zone,” stated Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
08:29 (IST) 7 Jul 2023
Nifty sturdy help base at 19200-19000
“As we move forward, it is advisable to enjoy this run without becoming complacent and to focus on risk management. Buying on intraday dips and using upside levels to secure profits is considered an ideal strategy. Immediate support levels are expected to be around 19420-19300, while a strong support base is observed at the 19200-19000 zone. On the other hand, the next resistance level in uncharted territory is anticipated to be around 19650-19700,” stated Rajesh Bhosale, Technical Analyst at Angel One
07:56 (IST) 7 Jul 2023
Asian markets commerce in crimson
Asian markets had been buying and selling in crimson – China’s Shanghai Composite Index plunged 0.39%, South Korea’s KOSPI fell 1.19%, Japan’s Nikkei 225 tumbled 0.61%, Asia Dow tanked 1% and Hong Kong’s Hang Seng sank 1.12%.
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