The domestic market benchmark Nifty 50 rose for the third consecutive session on Friday, 3 July, wrapping up the week with a gain of nearly 1%. According to reports from Mint, this marked the fourth consecutive weekly gain for the index as sentiment improved amid easing geopolitical risks, declining crude oil prices, and reduced foreign capital outflow. In the cash segment, FPIs bought Indian equities worth ₹1,355.33 on Friday, while so far in July, FPIs have bought Indian stocks worth ₹708 crore as per NSDL data. On the technical front, the Nifty 50 broke out above the crucial 24,250 resistance, ending at 24,270.85 on Friday.
According to Mint reports, Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, noted that this breakout significantly strengthens the bullish technical structure and suggests that the index could gradually move towards the 24,400–24,600 zone. Patel emphasized that any corrective move from higher levels should be viewed as a healthy retracement rather than a reversal, offering investors an opportunity to accumulate quality stocks at better prices. On the downside, 23,800 remains the immediate support, followed by the stronger support near 23,500. As long as these levels remain intact, the overall market structure continues to favour a 'buy on dips' strategy.
Maruti Suzuki India is recommended with a previous close of ₹14,366, target price of ₹15,250, and stop loss at ₹13,800. As reported by Mint, Patel pointed out that the stock has delivered a strong breakout above the ₹14,200–14,300 resistance zone, backed by notable rise in volumes. The stock is trading well above its 100-week (₹13,324) and 200-week (₹11,738) moving averages, with momentum indicators turning favourable including RSI at 55 moving above 50 and MACD generating a bullish crossover. Dr. Reddy's Laboratories is recommended with a previous close of ₹1,374.10, target price of ₹1,480, and stop loss at ₹1,300. The stock is witnessing a strong breakout above its falling trendline resistance and trading comfortably above its 100-week moving average of ₹1,265.
For Bank Nifty, Patel believes a decisive close above 59,000 would confirm the next leg of the rally and pave way for fresh highs, whereas a sustained break below 57,000 could trigger a short-term corrective phase. As reported by Mint, until either of these levels is breached, traders should expect range-bound movement while maintaining a constructive medium-term outlook on the banking index. Tata Steel is recommended with a previous close of ₹189.80, target price of ₹205, and stop loss at ₹180. The stock has formed a hidden bullish divergence near its previous breakout zone and momentum indicators suggest downside may be limited with MACD slipping into heavily oversold zone similar to January 2025 recovery levels.
