The markets’ five-week consolidation trend came to an end during the previous session, with the Nifty and Sensex closing close to their weekly highs of 25,637.80 and 84,058.90, respectively.
The Nifty continued its winning run and recorded a weekly gain of 2.09% as it closed the session at 25,637.80, up 88.80 points or 0.35%. Nifty Bank recorded a strong weekly gain of 2.12% and closed the day at 57,443.90, up 0.41%, setting a new all-time high (ATH) of 57,475.40. The India VIX dropped 1.61% further before ending at 12.38, continuing its negative trend. With low implied volatility suggesting restrained worry and growing investor confidencetwo factors that underpin a steady, upward-trending marketits persistent positioning below the 15-mark signals a calm market environment.
Nifty Outlook Today
“The Nifty appears poised for the next leg of its bullish journey, supported by strong rollovers into July and extensive short-covering by FPIs. While the index is now approaching a minor resistance zone between 25,640 and 25,740, any pullbacks are expected to be orderly and constructive. The seamless transition of resistance levels into support, coupled with the repositioning of short-sellers to higher grounds, further solidifies the bullish context. As long as the index sustains above the 25,400 mark, adopting a ‘buy-on-dips’ strategy remains the most prudent approach. On the technical front, the index continues to trade well above its short-term moving averages, while the RSI has comfortably crossed the 65 mark, reinforcing the momentum. The declining trajectory of the VIX adds to the overall bullish sentiment, affirming that the prevailing structure remains firmly in favour of the bulls,” said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
Bank Nifty Outlook Today
“The index continued to trade along its rising upper trendline and is attempting a clean breakout above the psychological 57,500 mark. The trend remains supported by a middle Bollinger band and has steadily moved higher, highlighting the strength of the uptrend. The index is trading comfortably above all its key moving averages. The daily RSI stands at 67, suggesting strong but not yet overbought conditions. Meanwhile, the MACD has crossed above the signal line, with a rising histogram indicating renewed bullish momentum. As long as the index sustains above 56,800-57,000, the broader outlook remains constructive. A decisive close above 57,500 could potentially open the gate toward 58,000 in the near term, while 55,800 remains a key short-term support on any pullback,” commented Om Mehra, Technical Research Analyst, SAMCO Securities.
Stocks To Buy Today
Sumeet Bagadia, executive director of Choice Broking, advised purchasing two stocks on Monday, June 30, in light of a robust recovery in FII inflows and an ease in Middle East tensions.
Hyundai Motor India
Buy HYUNDAI in Cash @ Rs 2191, Stop-loss @ Rs 2114, Target @ Rs 2345
HYUNDAI is currently trading at 2191, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. Notably, the 5th Elliott Wave appears to have formed, aligning with the recent higher high structure and suggesting the potential for continued upside as part of the wave cycle. HYUNDAI recently reached its all-time high of 2215, and a decisive breakout above this level could further accelerate buying interest.
The Exponential Moving Averages (EMAs) for the 20, 50, 100, and 200-day periods are all sloping upwards, reinforcing the bullish outlook. The price is currently trading above all major EMAs, indicating strong positive sentiment and underlying strength in the trend. If HYUNDAI manages to close above 2215, it could gain further traction toward a short-term target of 2345.
On the downside, immediate support is located at 2150. The Relative Strength Index (RSI) is currently at 80.77 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 2114 is suggested to guard against any unexpected market reversals.
In conclusion, based on the technical analysis and current market conditions, HYUNDAI presents a promising buying opportunity for those aiming for a 2345 target, provided that appropriate risk management strategies are in place.
Nestle India
Buy NESTLEIND in Cash @ Rs 2458.7, Stop-loss @ Rs 2370, Target @ Rs 2655
NESTLEIND is currently trading at ₹2458.70, showing signs of a potential bullish reversal after rebounding from a key support level near ₹2300. On the daily chart, the stock has formed a bullish hammer candlestick along with a double bottom pattern-both strong reversal signals. It is now nearing the upper end of its consolidation range between ₹2300 and ₹2480.
A breakout above ₹2480, backed by volume, would confirm the trend reversal.Volume activity has picked up, suggesting increased buying interest. The Relative Strength Index (RSI) stands at 62.57, reflecting a strengthening uptrend with scope for further movement. The stock is also trading above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), reinforcing the positive momentum.
In the near term, if NESTLEIND sustains above the ₹2480 resistance level, it may rally towards a target of ₹2655. Traders can consider entering long positions near the current price of ₹2458.70, with a stop-loss at ₹2370 to manage downside risk.
While the setup appears strong, traders should be prepared for short-term volatility and follow disciplined risk management. A confirmed breakout supported by volume would offer a favorable opportunity for positional traders looking to ride the emerging bullish trend.