Technical analysts at SBI Securities and Choice Broking expect the Nifty to retest record highs around 26,350, and Sensex to rally toward 89,000 in an optimistic scenario.
Market outlook: Nifty and Bank Nifty are likely to remain rangebound until a decisive breakout on either side, says Jatin Gedia, VP - Technical Research at Teji Mandi Investment Technologies.
Market analysts highlight that the Nifty has been consolidating in the 23,800-24,200 range in recent trading sessions, a breakout in either direction could set the trend in July 2026.
Analysts believe that significant Call Open Interest concentrated at 24,000, 24,100 and 24,200 Strikes suggests likely resistance around these levels.
Nifty's 100-DEMA around 24,140-24,170 zone is an immediate hurdle; breakout above this can trigger a rally towards 24,500-24,600 levels, says Osho Krishan, technical and derivatives at Angel One.
Gland Pharma has given a breakout from a bullish 'Inverted head and shoulder' pattern, and Viyash Scientific from bullish 'Cup and handle pattern', says Vinay Rajani of HDFC Securities.
Chandan Taparia of Motilal Oswal Financial Services expects Nifty and Bank Nifty to trade with a weak bias as long as they remain below 23,850 and 57,250, respectively.
An analysis of Nifty 500 stocks, reveals that nearly 50 per cent of the shares trade on either side of the long-term 200-day moving average; thus suggesting that the market is at crossroads currently.
The formation of a 'Doji' candlestick on the Nifty weekly chart reflects indecision between bulls and bears, explains Hitesh Rathi, technical analyst at Angel One.
Trading strategy, stock picks today: Jatin Gedia of Teji Mandi Investment Technologies decodes key levels to track on Nifty, Bank Nifty; and 3 stocks to buy basis on technical charts.
Stocks to buy today: Vinay Rajani of HDFC Securities has a positive outlook on Equitas Small Finance Bank and Titagarh Rail Systems.
Technical analysts believe that the Nifty can potentially surge to 24,600 from here if it clears hurdles at 23,800 and 24,200-24,300 levels.
The Nifty has broken above the recent swing high near the 23,530 mark decisively, indicating a possible reversal in the immediate trend, says Hitesh Rathi, Technical Analyst at Angel One.
Technical analysts caution that the short-term trend for Nifty remains weak, and the index could extend the fall toward 22,800-22,700 levels in the coming sessions.
Stocks to buy today: Ajit Mishra of Religare Broking has recommended buying three stocks today - Apollo Hospitals, Federal Bank, and Varun Beverages.
Nifty50 in the daily chart has formed a small bear candle with shadows in either direction, signalling consolidation amid stock-specific action
The upward revision in prices for both fuels, said Jyotivardhan Jaipuria, founder and managing director at Valentis Advisors, was already expected though the quantum of ₹3 per litre seems too less.
The Nifty Put-Call-Ratio (PCR) stands near 0.71, indicating a cautious-to-negative undertone in the market, says Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities.
Stocks to buy: Ajit Mishra of Religare Broking recommends buying the shares of Aditya Birla Capital, LIC Housing Finance, and SBI today
After Monday's rise, the Nifty fell 86 points on Tuesday to close at 24,032. It opened 69 points lower and extended its losses by another 170 points during the first half of the session