The benchmark indices witnessed profit booking on July 7, declining 0.13 percent after a four-day rally, amid subdued market breadth. About 1,933 shares came under pressure compared with 1,018 advancing shares on the NSE, as reported by Moneycontrol. The market may witness further consolidation until it convincingly surpasses Tuesday's high, which is expected to act as a key short-term hurdle. Recent market analysis suggests investors are seeking rotation opportunities as momentum-based strategies show signs of overcrowding in certain sectors.
Maruti Suzuki India has delivered a strong breakout above the ₹14,200-14,300 resistance zone, backed by a notable rise in volumes, indicating fresh buying interest. According to Anand Rathi's Jigar S Patel, the stock is trading well above its 100-week (₹13,324) and 200-week (₹11,738) moving averages, reaffirming a strong long-term bullish trend. Momentum indicators are turning favourable, with the RSI at 55 moving above the 50 mark, while the MACD has generated a bullish crossover. Traders may consider entering long positions in the ₹14,250-14,450 zone with a target of ₹15,250 and stop-loss at ₹13,800.
Coforge emerged as one of the strongest performers in the IT space, gaining 2.3 percent in the previous session with the sector up more than 2 percent intraday. The stock has reversed its month-long downtrend and is forming a series of higher highs and higher lows, with price consolidating within a rectangle pattern between ₹1,355 and ₹1,525. A sustained move above ₹1,525 can trigger fresh momentum towards ₹1,575, followed by ₹1,620, while ₹1,475 acts as immediate support. PNB Housing Finance has been heading higher since mid-June 2026, closing at ₹1,100 level after taking resistance twice, with the stock trading near the upper part of Bollinger Bands and closing well above it for the first time.
Paytm has been forming a classic rounding bottom pattern since May 8, 2026, confirming the breakout above the ₹1,223 neckline in the previous session. The 40-period EMA has crossed above the 80-period EMA for the first time in 2026, indicating a bullish trend reversal, while the stock has consistently protected previous day's lows on a closing basis for over a week. A decisive move above ₹1,251 could trigger the next rally towards ₹1,306, followed by ₹1,355, with ₹1,196 as key support. Tech Mahindra has given a breakout from its sloping channel formation after declining from recent highs, with the up moves suggesting a new leg of bullish trend. The stock has given a breakout from its sloping channel formation, with ₹1,395 as the trend decider level for the bulls.
Hero MotoCorp has reversed from its important support zone, forming a rounding bottom chart pattern on the daily scale with technical indicators like RSI indicating further up trend potential. As long as the stock trades above ₹4,870, the bullish texture is likely to continue, with targets of ₹5,250. ICICI Bank remains within a rising channel chart structure showing higher highs and higher lows sequence pattern, with the RSI suggesting further upward trend from present levels. The stock experienced a rebound from trend line support zones, with ₹1,360 acting as the trend deciding level for the bulls towards ₹1,510.
The FMCG sector is emerging as an attractive contrarian buying opportunity, with Dabur rebounding from the lower boundary of a six-year consolidation range after a nearly 32 percent decline. The RSI has crossed above 60, indicating strengthening momentum with targets of ₹490. Equitas Small Finance Bank has formed a bullish Flag pattern on the weekly chart following a 55 percent price correction and 85-week consolidation, with accumulation recommended in the ₹79-77 zone and targets of ₹86-89. However, Punjab National Bank displays a relatively weak technical setup, having faced rejection from a 15-year declining trendline with the MACD generating a bearish crossover, making it a short candidate in the ₹103-106 range with targets of ₹90.
