The Indian stock market ended in positive territory on Friday, with benchmark indices posting gains for the third straight session. According to reports from Mint, the Sensex advanced 261.79 points, or 0.34%, to close at 77,763.91, while the Nifty 50 rose 95.15 points, or 0.39%, to settle at 24,270.85. However, Asian markets traded on a mixed note on Monday, with MSCI's broad Asia-Pacific index excluding Japan gaining 0.4%. As reported by Mint, the Indian benchmark indices are likely to open on a subdued or flat note on Monday, tracking mixed signals from global markets.
Jigar Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, noted that the Nifty 50 broke out above the crucial 24,250 resistance zone, ending at 24,270.85 on Friday. According to his analysis reported by Mint, this breakout significantly strengthens the bullish technical structure and suggests that the index could gradually move towards the 24,400–24,600 zone, where some profit booking or temporary consolidation cannot be ruled out. 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, with the possibility of further upside in the coming weeks.
Jigar Patel from Anand Rathi recommended three stocks for the next 1-2 weeks with specific buy parameters. Maruti Suzuki India has delivered a strong breakout above the ₹14,200–14,300 resistance zone, trading well above its 100-week (₹13,324) and 200-week (₹11,738) moving averages. The stock has potential to move towards ₹15,200–15,500, with immediate support at ₹13,800. For Dr Reddy's Laboratories, the stock is witnessing a strong breakout above its falling trendline resistance, with the stock recommended in the ₹1,380–1,340 range and target of ₹1,480. Tata Steel has formed a hidden bullish divergence near its previous breakout zone, with the stock recommended between ₹190–₹186 and target of ₹205.
Foreign Portfolio Investors (FPIs) demonstrated strong confidence in Indian equities, purchasing Indian stocks worth ₹1,355.33 crore on Friday, as per NSDL data. According to Mint, so far in July, FPIs have bought Indian stocks worth ₹708 crore, indicating sustained foreign institutional interest in the Indian market despite mixed global cues.
For Bank Nifty, Patel believes a decisive close above 59,000 would confirm the next leg of the rally and pave the way for fresh highs, whereas a sustained break below 57,000 could trigger a short-term corrective phase. The index is expected to continue hovering near the 58000 zone with rangebound sessions witnessed and tough resistance near the 58400 zone. Patel emphasized that until either of the key resistance levels is breached, traders should expect range-bound movement while maintaining a constructive medium-term outlook on the banking index.
