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Informist, Tuesday, Jul. 1, 2025

By Gopika Balasubramanium

MUMBAI – The benchmark equity indices are likely to move in a range Wednesday and continue to do so for the rest of the week in the absense of fresh triggers, analysts said. They said the indices have run up in the past few sessions and so it is normal for them to consolidate. However, they cautioned of a correction in large-cap stocks if the June quarter earnings disappoint the Street, given their rich valuations.

"The trend remains positive, and I do not see any reason for Nifty 50 to hit a new record high in July," said Ajit Mishra, senior vice-president for technical research at Religare Broking. Mishra expects the 50-stock index to breach 26000 points before the second week of July, if there are no negative surprises on the global front. "However, it is important for the index to hold 25200 points," he said. "If that breaks, the recovery will take longer." Mishra expects the Nifty 50 to move between 25200 points and 26000 points this week.

Tuesday, the Nifty 50 ended at 25541.80 points, up 24.75 points. The BSE Sensex was at 83697.29 points, up 90.83 points. For Wednesday, technical analysts expect the 50-stock index to find support at 25500-25400 points and face resistance at 25650-25800 points.

"(Nifty 50) index witness remarkable resilience in the last few months, despite a challenging macroeconomic & (and) geopolitical environment," Bajaj Broking said in a market outlook report for July. "We expect the Nifty (50) to maintain positive bias and gradually head higher towards the all time high placed around 26000-26200 levels in the coming month." 

The broking firm said the 50-stock index had rallied for four months and so some consolidation cannot be ruled out at higher levels. "We believe dips in the coming month should be used as a buying opportunity," it said.

Mishra of Religare Broking said a trade deal between the US and India can be expected before President Donald Trump's deadline of Jul. 9. This will boost sentiment in the market. White House Press Secretary Karoline Leavitt, in an interaction with the media, had said the US and India are "very close" to a deal.

While Jul. 9 is an important date because of Trump's tariffs, Indian investors will also focus on the earnings for the June quarter. Information technology major Tata Consultancy Services is scheduled to report its Apr-Jun earnings on Jul. 10.

"We believe that the quarter will be a mixed one, with mid-tier IT services companies reporting strong growth, while large IT companies... will disappoint," Kotak Securities said in a report Monday. The brokerage expects the deal wins in the June quarter to be strong, but said this is not new for the industry. Coforge is likely to lead the growth, followed by Persistent, Hexaware, and Mphasis, Kotak said. TCS and Wipro are likely to face cuts in their respective earnings per share estimates after the June quarter results, the brokerage added.  End

Edited by Rajeev Pai

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