Sensex Prediction for Thursday, July 2: 30-share BSE Sensex witnessed a sharp 444-point rebound on Wednesday that snapped a two-day losing streak amid a positive trend in global markets and fall in crude oil prices. As the market participants are shifting their focus to Thursday’s session, focus has shifted to whether the benchmark index can sustain its momentum and reclaim the crucial 77,000-77,500 zone.
Sensex at close on Wednesday, July 1
Sensex top gainers and losers on Wednesday, July 1
A total of 2,276 stocks advanced, while 1,995 declined and 176 remained unchanged on the BSE.
Sensex Prediction for Thursday, July 2 by experts
While the benchmark index recaptured vital support zones with the recovery, technical analysts cautioned that a lack of decisive momentum could keep the BSE Sensex range-bound unless a clear breakout occurs.
SEBI-registered market analyst Vipin Dixena pointed out that the Sensex continues to face strong rejection near its upper psychological resistance of 77,000 while holding above the 50-EMA, indicating a neutral-to-positive bias. “RSI is hovering around 50, reflecting a lack of strong momentum, and volumes remain muted, suggesting traders are awaiting fresh triggers,” he said.
He further stated that a decisive breakout above 77,000 could open the door towards 77,400–77,600, while a break below 76,750 may drag the index towards 76,500.
For Thursday’s trading session, Dixena said the market sentiment remains cautious ahead of key global cues, including U.S. tariff developments and expectations around the upcoming U.S. jobs data, which continue to influence risk appetite.
Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Private Limited, said Wednesday’s session reinforced the positive short-term trend despite some profit booking near the day’s highs.
Technically, he said the index has formed a small bullish candlestick on the daily chart, indicating sustained buying interest after the recent breakout. “However, the candle also reflects some profit booking near higher levels as the index failed to sustain above the 77,100 zone. Sensex continues to trade above its 20-Day EMA after the recent breakout above the falling trendline, keeping the short-term trend positive. The RSI is placed around 56, suggesting improving momentum with room for further upside,” he said.
“Sensex closed at 76,922.64, up by 443.97 points (+0.58%). The index opened at 76,545.21 and remained positive throughout the session after making an intraday low of 76,538.37 near the opening. Buying momentum gradually strengthened during the day, pushing the index to an intraday high of 77,110.08, before witnessing mild profit booking in the final hour. Despite the late selling pressure, Sensex ended the session firmly higher at 76,922.64.
For Thursday’s session, Tailor expects the bullish structure to remain intact as long as key support levels hold. “Going forward, 76,300–76,400 will act as the immediate support zone. As long as the index sustains above this level, the overall bullish momentum is likely to remain intact,” he said, adding that on the upside, 77,400–77,500 remains the immediate resistance zone.
“A decisive breakout above this range could trigger fresh buying momentum and open the path for further upside in the coming sessions,” he added.
Broad markets, sectoral indices on Wednesday, July 1
The BSE MidCap Select index edged marginally higher by 0.20 per cent and SmallCap Select index eked out a marginal gain of 0.02 per cent.
Sector-wise, buying interest was witnessed in Consumer Discretionary, FMCG, Financial Services, Auto, Realty, Consumer Durables, BANKEX, Oil & Gas, Energy, and Private Banks. On the other hand, Information Technology, Focused IT, Metals, Healthcare, Industrials, Commodities, and Power witnessed mild profit booking, while the remaining sectors ended on a mixed note, Tailor said.
Sectorally, realty jumped 3.56 per cent, FMCG (1.76 per cent), services (1.35 per cent), consumer discretionary (1.20 per cent), auto (1.10 per cent), MidSmall Private Banks Quality Tilt (0.97 per cent) and PSU bank (0.81 per cent).
Focused IT tumbled 2.53 per cent, IT (1.94 per cent), metal (0.87 per cent) and telecommunication (0.34 per cent).
On Tuesday, the Sensex declined 249.70 points, or 0.33 per cent, to settle at 76,478.67. The Nifty dropped 80.50 points, or 0.34 per cent, to end at 23,865.75.
(Disclaimer: The above article is meant for informational purposes only and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
