Nifty 50, Sensex likely to continue range-bound trade; check key levels to track on July 4

On July 4, the Indian stock markets are expected to exhibit a range-bound trade, with the Nifty 50 and Sensex indices showing signs of fatigue. Analysts have noted that the Nifty 50 is finding it challenging to sustain its momentum at elevated levels, indicating a potential phase of consolidation. This suggests that investors may need to brace for limited movement as the market digests recent gains. Market experts highlight that key levels will be crucial for traders to monitor. For the Nifty 50, the support level is pegged around 18,500, while resistance is anticipated near 18,800. Similarly, for the Sensex, support is expected at 62,000, with resistance around 63,000. These levels will likely serve as pivotal points, guiding market participants in making informed decisions amid the anticipated sideways trading pattern. Investors are advised to keep a close watch on global cues, economic data releases, and corporate earnings announcements, which could influence market sentiment. While the current trend suggests a lack of strong directional movement, any significant developments could provide the impetus needed for a breakout. Until then, traders might find opportunities in short-term strategies within the defined range, as the market navigates through this period of consolidation.

— Authored by Next24 Live