📊 Market Outlook | 2 July 2026
🔹 NIFTY 50
Nifty rebounded strongly and reclaimed the 24,000 mark, closing at 24,006 ( 0.6%) after two days of correction.
✅ Overall trend remains positive as the index continues to trade above its key moving averages.
📈 If Nifty sustains above 24,000, it can move towards 24,200–24,300. A decisive breakout above this zone may open the doors for 24,500.
Resistance: 24,043 | 24,079 | 24,138
Support: 23,924 | 23,888 | 23,829
💡 Technical View:
• Bullish candle formation indicates buying interest.
• 10 EMA reclaimed, while 20 EMA is close to crossing above the 50 EMA (bullish signal).
• RSI is improving and nearing a bullish crossover.
• Momentum remains positive, though the market may stay range-bound until a decisive breakout.
🏦 BANK NIFTY
Bank Nifty outperformed Nifty, closing at 58,033 ( 0.85%) and holding firmly above the 58,000 level.
📈 The trend remains bullish as the index trades above all major moving averages. Sustaining above recent highs can trigger the next leg of the rally.
Resistance: 58,132 | 58,284 | 58,531
Support: 57,638 | 57,486 | 57,239
Fibonacci Levels
🔼 Resistance: 59,195 | 61,678
🔽 Support: 57,332 | 56,465
💡 Technical View:
• Bullish candle with strong price structure.
• RSI remains in bullish territory.
• MACD continues above the signal line, indicating the broader trend is intact despite slightly moderating momentum.
⚡ Trading Strategy
• Maintain a buy-on-dips approach while Nifty holds above 24,000.
• Watch 24,200–24,300 on Nifty and 58,500 on Bank Nifty for a breakout confirmation.
• Immediate downside support remains at 23,900–23,850 for Nifty and 57,600–57,300 for Bank Nifty.
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