The Nifty index concluded the trading week at 24,000, demonstrating consolidation near the critical 24,000 level, which has been a focal point in recent analyses. Throughout the week, the index fluctuated within a range, reaching a high of approximately 24,200.
This consolidation suggests a pause in the recent bullish trend, with market participants closely watching for sustained trading above 24,000 to confirm further upward momentum. Notably, individual stocks within the Nifty continue to show signs of bullish sentiment, contributing to overall market optimism.
Last week’s trading began with a gap-down opening on Monday, testing immediate support around 23,300, before rebounding strongly. The Nifty maintained its upward trajectory, closing decisively above the 23,600 and 24,000 marks by week’s end, reinforcing the prevailing bullish sentiment.
Intraday trading tips for Monday
Looking ahead, key support levels are identified at 23,600-23,700, indicating crucial areas where buying interest may emerge if the index retraces. On the upside, resistance is expected around 24,500-24,600, which could serve as barriers to further advances.
Conversely, the Bank Nifty also experienced a gap-down start to the week but managed to sustain bullish momentum throughout subsequent trading sessions. Ending the week strong, the index found support around 51,000, with resistance noted at 54,000. As long as support levels hold above 50,500, the bullish outlook for Bank Nifty remains intact, reflecting investor confidence in banking sector stocks.
In summary, both the Nifty and Bank Nifty have shown resilience in the face of initial market volatility, with a clear bias towards bullish sentiment. Investors are advised to monitor key support and resistance levels closely as they navigate potential trading opportunities in the upcoming sessions.
Stocks to buy on Monday
Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi recommends three stocks to buy on Monday, July 1
Buy Apollo Hospitals at ₹6190.. Stoploss…6000 Target..6450
Buy Gujarat Gas at ₹628 Stoploss….600…Target…665
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
