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Informist, Thursday, Jul. 3, 2025

By Gopika Balasubramanium

MUMBAI – Indian headline indices are likely to be in a range on Friday and are seen consolidating for a few more sessions till the June quarter earnings season kicks off, technical analysts said. Some analysts expect investors to continue booking profits at higher levels on Friday. However, the likelihood of a trade deal between India and the US by the end of the week could lift indices higher, they added.

The Nifty 50 has to close above 25670 points to see further upside, and till then, the index will likely consolidate, said Jigar Patel, technical analyst at Anand Rathi Share and Stock Brokers. He expects the Nifty 50 to find support at 25350 points and resistance at 25650 points Friday. 

Elara Securities expects an upside of 8-10% for the Nifty 50 in the near term, even though the start in July will be slow. A softer US dollar and moderation in crude prices are expected to provide support to the Indian equity indices, Elara Securities said in its strategy report.    

On Thursday, the Nifty 50 closed at 25405.30 points, down 48.10 points or 0.2%. The BSE Sensex closed at 83239.47 points, down 170.22 points or 0.2%. Broader market indices, on the other hand, closed higher. Small-cap indices outperformed mid-cap peers in the session.

"Near-term target of Nifty (50) is 25900 points, but it will consolidate for a few more sessions," Jatin Gedia, technical analyst at Mirrae Asset Sharekhan, said. "Upcoming weeks are crucial for the markets as the earnings season will kick start, till then it will remain at these levels," he said. Defence and capital goods companies are overbought, and there is only limited upside for them, Gedia said. However, he sees strength in metal and fast-moving consumer goods stocks. In July, Gedia expects the Nifty 50 to find support at 25200 points and resistance at 25900-26000 points.  

ICICI Securities reiterated its structural bullish stance and said it expects the Nifty 50 to challenge its all-time high of 26277 points in July. The broking firm expects the 50-stock index to find strong support at 24500 points, which it does not expect to be breached amid ongoing global volatility. "Hence, one should follow a buy on dips strategy," ICICI Securities said. In April, ICICI Securities had projected the Nifty 50 to reach 25500 points by this time.

Meanwhile, Nuvama Alternative and Quantitative Research said it expects InterGlobe Aviation and Max Healthcare to replace Hero MotoCorp and IndusInd Bank in the Nifty 50's next rejig. The NSE is likely to announce index changes in August, which will be effective at the end of September. Contrary to expectations, Nuvama does not expect BSE to be included in the Nifty 50 rejig. 

The brokerage expects Max Healthcare to see a passive inflow of over $400 million upon its inclusion in the Nifty 50 index. The brokerage also sees a fall in shares of Hero MotoCorp and IndusInd Bank as the adjustment period comes closer. "Until then, we don't expect significant pressure purely from expected passive flows," it said. End

Edited by Saji George Titus

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