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 For the second day in a row, bulls propelled domestic headline indexes higher on 7 july 2022. The Sensex rose 427 points to close at 54178, while the Nifty settled at 16132 and added 143 points. Among stocks, Titan was the top performer, up 5.88%, followed by Tata Steel, L&T and IndusInd Bank. dr Reddys was the biggest laggard, down 1.3%, followed by Nestle India and Bharti Airtel. On the weekly futures and options expiry session, Bank Nifty was up 1.74%, while the India VIX was down 5.28%, giving up 20 levels. Domestic bourses reflected bullish sentiment in global equity markets as investors digested recent FOMC minutes, while falling crude oil and commodity prices lifted investor sentiment. This upward momentum could dominate markets in the near term, helped by hopes of a slowdown in inflation. The RBI's latest series of measures to boost FX inflows are expected to support the falling rupee. 

At the close, Nifty was up 0.89% or 143 points to 16132. The advance-decline ratio was well above 1:1 and the broad market indices. Small-cap and mid-cap indices outperformed the Nifty. Nifty is now poised to fill the downside gap from 16175. Once this is achieved sustainably, the short-term bearishness will be nullified and a move towards 16350 could begin. 16000-16025 could be a support band for the Nifty in the near future. On the technical front, The Nifty has produced the breakout of the upper band of the rising wedge formation, suggesting strength for the next day. Additionally, the index has formed a bullish candle on a daily time frame, suggesting an upward rally. Nifty has closed above 21-DMA indicating strength for the next trading session. The Nifty could find support around 16050 while 16250 on the upside can act as an immediate hurdle. On the other hand, Bank has nifty support at 34200 levels while resistance at 35200 levels. Overall index may show bullish momentum with support at 16050 level, break of 16250 may show further bullish rally. Immediate support and resistance for Nifty are 16,000 and 16,250 respectively. Immediate support and resistance for Bank Nifty are 34500 and 35300 respectively.