05 July 2024 / 09:08 AM IST

Indices are expected to open flat to negative: Deven Mehta, research analyst at Choice Broking

Benchmark Sensex and Nifty index are expected to be flat on July 05 following GIFT Nifty trends indicating a loss of 20 points for the broader index.

Nifty may find support at 24,200 and then 24,100 and 24,000. On the upside, 24,400 could be an immediate resistance, followed by 24,450 and 24,500.

Bank Nifty charts suggest that it may find support at 52,800, followed by 52,700 and 52,500. If the index moves further, 53,200 will be the initial key resistance, followed by 53,350 and 53,500.

Yesterday, we saw profit booking on the Nifty as it touched a new high of 24400. Nifty ended the day at lows but managed to stay above 24300. Long position traders should book profits if Nifty bounces back to 24400. For those holding long positions, a tight stop loss of 24200 should be maintained on a closing basis.

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