HDFC Securities Analyst Recommends Buying Gail and Adani Ports for Near-Term Gains

Indian Stock Market Expected to Open Marginally Higher on Tuesday

The Indian benchmark indices, Sensex and Nifty 50, are expected to open marginally higher on Tuesday, 7 July, following overnight gains on Wall Street. The mixed trends across Asian markets may, however, limit the upside.

Asian equities were trading mixed in early trade, while US stocks ended higher overnight, supported by strong gains in technology shares. Back home, the domestic market ended in the green for the fourth straight session on Monday, aided by improving investor sentiment, a revival in monsoon activity, and continued buying by foreign institutional investors (FIIs).

The BSE Sensex rose 521.16 points (0.67%) to settle at 78,285.07, while the Nifty 50 gained 159.50 points (0.66%) to close at 24,430.35.

Market analysts are bullish on the Nifty 50, which has decisively broken above the key resistance zone of 24,200. The index's move above the 200-day exponential moving average (DEMA) near 24,220 further strengthens the bullish setup. With the index now trading above its 20, 50, 100, and 200 DEMAs, the trend appears positive across time frames. Support at 24,200 can now be viewed as a fresh buy-on-dips zone, while 24,000 remains the positional stop-loss for long trades.