July 05, 2024 / 09:08 AM IST
Expect indices to open flat to negative: Deven Mehata, Research Analyst at Choice Broking
The benchmark Sensex and Nifty indices are expected to flat to slight negative on July 05, following GIFT Nifty trends indicating a loss of 20 points for the broader index.
Nifty can find support at 24,200 followed by 24,100 and 24,000. On the higher side, 24,400 can be an immediate resistance, followed by 24,450 and 24,500.
The charts of Bank Nifty indicate that it may get support at 52,800, followed by 52,700 and 52,500. If the index advances further, 53,200 would be the initial key resistance, followed by 53,350 and 53,500.
Yesterday, we saw profit booking on the Nifty after it reached a new all-time high at 24400. Nifty concluded around the day’s low but managed to stay above 24300. Traders with long positions should book profits if the Nifty bounces back to 24400. For those holding long positions, a strict stop loss of 24200 should be maintained on a closing basis.
