Will Nifty rally 600 points in July to reclaim record highs?
Nifty may rise 600 points in July series, targeting record highs. Positive sentiment, sectoral gains, and institutional inflows support the bullish trend.
The Nifty 50 closed at a nine-month high of 25,638 on Friday, rising 89 points and extending its winning streak to four consecutive sessions. With a target of reclaiming record highs, analysts now project a potential 600-point rally in the July series, bolstered by bullish momentum and strong investor sentiment.
Top performers in Friday’s session included Jio Financial, Asian Paints, and Apollo Hospitals, while Tata Consumer, Dr. Reddy’s, and Wipro saw profit booking. The Nifty Bank index surged past the 57,400 mark, setting a new all-time high.
Midcap and Smallcap indices extended their gains for the sixth straight session. Nifty Midcap 100 rose 0.27%, and Smallcap 100 gained 0.91%, both reaching their highest levels since January 3.
Among sectors, Oil & Gas, Healthcare, and Pharma led the gains, while Realty, IT, and FMCG ended in the red.
Technical Outlook:
According to HDFC Securities’ Nandish Shah, Nifty is now in the downward gap zone of 25,640–25,740 from October 2024. A decisive close above 25,740 may propel the index toward 26,000. Immediate support lies at 25,317.
LKP Securities’ Rupak De recommends a "buy-on-dips" strategy, noting limited resistance until 25,800. However, the uptrend could be gradual, with support at 25,500.
Bank Nifty remains constructive above 56,800–57,000. A close above 57,500 may open doors to 58,000, while 55,800 serves as key short-term support, said Om Mehra of SAMCO Securities.
Global Cues:
Positive US futures, falling dollar index, and weak US GDP (Q1 contraction of 0.5%) are supporting Indian equities. Hopes of a US-India trade deal and RBI’s liquidity stance further buoy sentiment.
Stocks to Watch on June 30:
BHEL: Bags ₹6,500 crore thermal power order from Adani Power
Hindustan Aeronautics: Recommends ₹15 final dividend for FY25
ITD Cementation: Wins ₹580 crore marine contract in Abu Dhabi
Piramal Enterprises: Infuses ₹700 crore into Piramal Finance
Alembic Pharma: Gets USFDA nod for Doxorubicin Hydrochloride
GAIL: To acquire 106.75 crore shares in Talcher Fertilizer
HOEC: Halts Block B-80 production due to weather issues
Central Bank of India: Acquires 25.18% stake in Future Generali Life
Prestige Estates & Arihant Group: JV to develop ₹1,600 crore Velachery project
Le Lavoir: To acquire 64.5% in Ghantiram Foods via MoU
With technicals aligning and sentiment strong, the July series could begin on a high note, pushing Nifty closer to all-time highs in the weeks ahead.
