Technical Analysis of the Market by Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities
For 2 July 2025
After showing minor weakness from near the hurdle of previous opening downside gap of 3rd Oct 24 around 25650 levels on Monday, Nifty was not able to show follow-through weakness on Tuesday and closed the day higher by 24 points.
Bullish chart pattern like higher tops and bottoms is in store on the daily chart and further consolidation or weakness from here could form a short term base for the market ahead.
After the sharp upside breakout of broader high low range of 24500-25200 levels as per weekly chart in last week, the market consolidating from the highs and sliding down to the support of previous broken area around 25300 levels could be a positive indication.
The near term trend of Nifty remains positive. Further consolidation/weakness from here could find strong support around 25400-25300 levels, where one may expect sharp bounce from the lows. However, a decisive move above the high of 25700 could open the next upside targets of around 26000-26200 levels in the near term.
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Technical Analysis of the Market by Nagaraj Shetti