Nifty 50 and Sensex Outlook: Indian Stock Market Trades on July 7
Indian Stock Market Benchmark Indices Set to Open Higher on Tuesday
The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to extend gains and open higher on Tuesday, despite mixed cues from global markets. The trends on Gift Nifty indicate a positive start for the Indian benchmark index, with the Gift Nifty trading around 24,584 level, a premium of nearly 102 points from the Nifty futures' previous close.
On Monday, the Indian stock market extended its rally for the fourth consecutive session, with the benchmark Nifty 50 closing above 24,400 level. The Sensex rallied 521.16 points, or 0.67%, to close at 78,285.07, while the Nifty 50 settled 159.50 points, or 0.66%, higher at 24,430.35.
Sensex and Nifty 50 Outlook
Sensex formed a bullish candle on daily charts, and is holding a higher high higher low series formation on intraday charts, which supports a further uptrend from the current levels. For day traders, 78,000 would be a crucial level, and as long as Sensex trades above this level, positive momentum is likely to continue. On the higher side, it could move up to 78,500 - 78,800, while below 78,000, a quick intraday correction cannot be ruled out.