Nifty predictions July 5: Will the index breach 19,500 level? Resistance for Bank Nifty seen at 45,500

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Indian market is expected to open on a flat note on Wednesday following weakness in Asian peers amid mixed global cues.  The trends on Gift Nifty also indicate a flat-to-positive start for Indian indices as the Nifty futures were trading 13.50 points, or 0.07%, higher at 19,507. The record-setting spree of the domestic market continued on Tuesday as the frontline indices the Sensex and the Nifty settled at their record closing highs for the fourth consecutive session on Tuesday.

The Sensex ended 274 points, or 0.42%, higher at 65,479.05, while the Nifty closed with a gain of 66.45 points, or 0.34%, at 19,389, after hitting its record high of 19,434.15 in intraday trade. On Tuesday, the Foreign institutional investors (FIIs) net bought Indian equities worth ₹2,134.33 crore, while Domestic Institutional Investors (DIIs) net sold shares to the tune of ₹785.48 crore, as per provisional data available on the exchanges.

Also Read: Gift Nifty flat, Asian shares trade lower; Check out key triggers for Indian stock market “The market is maintaining its optimism; however, a profit-booking tendency is visible at the upper band as the recent rally has raised the market to the historic new high range. The momentum of the market has shifted from the frontlines of this year to the laggards like IT, commodities, and PSUBs.

The market is taking a breather ahead of the upcoming Q1 results," said Vinod Nair, Head of Research at Geojit Financial Services. On the technical front, the undertone of the Nifty index and broader market is extremely bullish, while the Bank Nifty index had an eventful session, with both bulls and bears participating.

The price action formed a doji candle, indicating indecision in the market for Bank Nifty. Kunal