Nifty predictions July 11: Index stuck in a range; Bank Nifty may see further downside if 44,800 support is breached

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equity market is likely to open on a cautiously optimistic note on Tuesday following similar moves in Asian peers amid marginal gains in the US markets ahead of the key inflation data. Trends on GIFT Nifty also indicate a mildly positive start for the broader index. The Gift Nifty was trading 31 points, or 0.16%, higher at around 19,487.50 level.

The domestic equity benchmarks the Sensex and the Nifty ended Monday with mild gains, while global sentiment was cautious ahead of key macro data and corporate earnings in the week ahead. Also Read: Gift Nifty, Asian markets in the green amid gains on Wall Street: Check out key global cues for Indian stock market “After a one-way move, the market is witnessing some consolidation and profit booking at higher levels amid weak global cues. Investor sentiments were dampened after the latest data suggested China is on the brink of deflation.

With Q1 result season starting this week, we expect stock-specific action in the market, starting with technology sector," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services. Meanwhile, Nifty seems to have stuck in a range and has been consolidating in the 19,300-19,500 trading range. Analysts believe that a breakout from this range on either side would decide the direction for the market.

Also Read: Day trading guide for today: Five stocks to buy or sell on Tuesday — July 11 The Nifty experienced a range-bound trading pattern on Monday and ended the day 24.10 points higher at 19,355.90. “Despite this, the bulls managed to defend the support level of 19,300, preventing a significant decline. However, the hourly RSI indicated a bearish crossover.