Stock Market Extends Positive Momentum Before Bulls and Bears Rest for the Weekend
Udaipur, Jul 3, 2026 | Stock Market Update: Indian benchmark indices remained in positive territory throughout the session, although both indices surrendered a part of their intraday gains from the day's highs due to mild profit booking in the latter half of the day. Despite the intraday pullback, the broader market trend remained constructive, extending the positive momentum witnessed over the last three trading sessions. Healthy market participation and selective buying across sectors continued to support investor sentiment.
At close, the Nifty 50 gained 0.39% to settle at 24,270, while the Sensex advanced 0.34% to close at 77,763.
On the sectoral front, Nifty Realty and Healthcare emerged as the top gainers, followed by Information Technology, which also witnessed sustained buying interest. On the downside, PSU Banks and Energy stocks remained under pressure as investors booked profits after the recent rally.
The broader market delivered a mixed performance. The Nifty Midcap 100 index declined 0.19%, indicating some profit booking in mid-sized stocks, while the Nifty Smallcap 100 index edged up 0.04%, reflecting selective buying interest in the smallcap segment.
Nifty Outlook
Nifty gained for the third session in a row and closed above the last month high 24261 signaling strength. In the daily chart it has formed a bearish candle as it opened gap up and closed the session off the high. However, it carries a bullish gap below its base (24,175- 24,252) highlighting positive bias.
Key observation in the daily chart is that the index during current week has generated a bullish crossover of 20 and 50 days EMA highlighting continuation of the positive momentum. In the coming session Friday’s gap area will act as immediate support holding above the same will signal extension of the up move towards 24,380 and 24,500 levels.
In the short-term index is likely to head towards 24,500-24,600 levels. A move above 24,600 will open further upside towards 24,800 levels being the confluence of the high of April, 52 weeks EMA and the previous major breakdown area. Immediate support is placed at 24,050 levels while key short-term support is revised higher towards 23,800-23,900 levels being the confluence of the previous gap area, last three weeks almost identical lows and the 20- & 50-days EMA.
Bank Nifty Outlook
Index formed a small bearish candle which remained contained inside previous session range signalling consolidation amid stock specific action around the 58,000 levels.
Going ahead, a move above last week high of 58,400 will open further upside towards 59,200 and 60,000 level in the coming weeks, being the 138.2% and 150% external retracement of the previous decline from 57,456 to 52,783. Failure to move above last week's high is likely to keep the index consolidating within the 57,000–58,400 range.
The recent low and the previous gap area placed around the 57,000-56,800 marks, is the key support area from short term perspective. The overall bias remains positive; hence the current breather should be used to accumulate quality banking stocks in staggered manner for the next leg of up move.
