Nifty 50, Sensex today: What to expect from Indian stock market in trade on July 10?

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to have a sluggish start on Thursday, tracking mixed cues from global markets.

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 25,567 level, a premium of 8.2 points from the Nifty futures’ previous close.

Stock markets ended the day lower on Wednesday as there was a sell-off in IT and oil & gas stocks, with investors becoming wary ahead of the earnings season and amid mixed trends globally.

The 30-share BSE Sensex dropped by 176.43 points, or 0.21%, closing at 83,536.08. Throughout the day, it experienced a decline of 330.23 points, or 0.39%, reaching a low of 83,382.28. The Nifty 50 fell by 46.40 points, or 0.18%, finishing at 25,476.10.

Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:

Sensex Prediction

Sensex formed a small bearish candle on the daily charts and non-directional activity on intraday charts, indicating indecisiveness between the bulls and the bears.

“We believe that the current market texture is non-directional; perhaps traders are waiting for either side to break out. For the bulls, the breakout zones for day traders are 83,800. Above these levels, Sensex could rally to 84,000-84,400. On the flip side, a dismissal of 83,350 could accelerate selling pressure,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Below these levels, he believes Sensex may retest the levels of 83,000, and further downside could continue, potentially dragging the index to 83,000-82,900.

Nifty OI Data

In the derivatives segment, Nifty open interest (OI) data indicated the highest call writing at the 25,500 and 25,600 strike prices, while the maximum put OI was seen at the 25,400 level.

“This suggests strong resistance around 25,500. However, overall sentiment remains cautiously optimistic, and a decisive close above this level will be essential to maintain bullish momentum in the near term,” said Hardik Matalia, Derivative Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 formed a small bear candle with small shadows in either direction which remained enclosed inside previous session price action signaling continuation of the consolidation for the fourthconsecutive session.

“An attempt by the Nifty to surpass the previous session’s high failed, with the index turning southward after making double top at 25,548. However, the Nifty 50 did manage to protect its level above the previous session’s low, which indicates an ongoing consolidation within its primary uptrend,” said Nandish Shah – Deputy Vice President, HDFC Securities.

Support and resistance for the Nifty 50 continue to be at 25,331 and 25,670, respectively, and a decisive breakout from this range would give directional view in the index, he added.

Dr. Praveen Dwarakanath, Vice President of Hedged.in noted that the Nifty 50 formed an insider candle before today’s expiry, indicating a possible volatility.

“Nifty 50 index has support at the 25,200 levels, where one can go long with a target of 25,800 – 26,200 levels, while 25,800 continues to be a strong resistance for the index. The momentum indicators in the smaller time frames are in the middle range, indicating a potential volatility at the current level. The ADX average line is sideways with the ADX DI+ and the ADX DI- lines closing each other, suggesting momentum in either direction can pick up soon,” said Dwarakanath.

VLA Ambala, Co-Founder of Stock Market Today recommends adopting a neutral trading strategy due to potential volatility as we approach the weekly expiry for Nifty 50.

“We can expect Nifty 50 to gather support between 25,400 and 25,300, and meet resistance between 25,580 and 25,685,” Ambala said.

Bank Nifty Prediction

Bank Nifty index ended 42.75 points, or 0.07%, lower at 57,213.55, forming a doji candlestick pattern which remained enclosed inside previous session price range, signaling consolidation with positive bias for the fourth session in a row.

“We expect the Bank Nifty index to extend consolidation in the range 56,500-57,600 in the coming sessions. Only a move above 57,600 will open further upside towards 58,200-58,500 levels in the coming weeks. Key support is placed at 56,000–55,500 region, representing a confluence of key technical indicators — including the 50-day EMA and the 61.8% Fibonacci retracement of the recent rally (55,149-57,614),” said Bajaj Broking Research.

The broader trend remains positive, and any dips should be viewed as buying opportunities, the broking firm added.

Hardik Matalia noted that the Bank Nifty index formed a Dragonfly Doji pattern on the charts, indicating sustained buying interest at lower levels.

“A decisive break below the key support of 57,000 could lead to further downside towards 56,800 and 56,500. However, if these support levels hold, a reversal from here could provide fresh buying opportunities. On the upside, resistance is expected in the 57,300–57,500 zone, with a breakout above this range potentially triggering a rally toward 58,000,” said Matalia.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.