NIFTY OUTLOOK & TARGET FOR WEEKLY EXPIRY 6 JULY 2023

 EICHERMOTOR DOWN BY 2.6%

PNB UP BY 2.72%

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Benchmark Indian indices ended flat in the volatile July 5th session. To finish, the Sensex was down 33 points, at 65446, and the Nifty was up 9 points, to 19398. Global concerns as well as a softening service PMI data briefly impacted the domestic market recovery. Rising US-China trade tensions and uncertainties surrounding the upcoming release of FOMC minutes tested global investors' risk appetite. However, the broad-based, last-minute rebound in the market is a confirmation of investor confidence in the Indian economy. The Nifty experienced a day of consolidation. It traded within the range of the previous trading session (19435-19350) and closed with marginal gains. An inside bar pattern has formed on the daily charts, indicating a consolidation. The hourly Bollinger Bands are also shrinking, indicating range bound price action. We believe that the Nifty is in the process of consolidating after a sharp rise and that this consolidation sets a floor for the next upside move. We expect the Nifty to consolidate in the 19450 -19350 range over the next few trading sessions and a drop towards 19350 should be used as a buying opportunity. Overall the uptrend is intact and we expect levels of 19450 and 19350 to 19250 to act as key support zone while 19400- 19500 should act as key resistance zone. As for Bank Nifty, the index also saw subdued price action due to weakness in HDFC Bank. Overall, Bank Nifty is in consolidation mode after a sharp rise. The hourly momentum indicator is showing a negative crossover and divergence, indicating a loss of momentum to the upside. Overall, the consolidation range should be between 45000 and 45500.

Resistance: 19450, 19550, 19650

Support: 19350, 19250, 19150