The Nifty is in 3rd wave which can be strong and fast as per the Elliott Wave, Ashish Kyal of Waves Strategy Advisors said.
"As long as support near 25,260 is intact we can see move to 25,820 followed by lifetime high levels above 26,277 on upside. Since June 16 not a single candle has closed below prior day’s low highlighting strength in ongoing trend," he said in an interview to Moneycontrol.
He bets on Godfrey Phillips India, and Hindustan Petroleum Corporation for July. "Godfrey Phillips is on the verge to give breakout of the rounding bottom pattern, while in case of Hindustan Petroleum Corporation, the Bollinger Bands have started to expand suggesting trending move can emerge," said the CMT, Founder and CEO of Waves Strategy Advisors.
Are you bullish on Bharti Airtel and Fortis Healthcare?
Bharti Airtel has shown a strong outperformance as compared to Nifty and stock has surged by more than 7% in the past one week. Post sharp rally, RSI is now at the overbought zone so chances of profit booking cannot be ruled out. One should use buy on dips approach to ride the trend for better risk reward. Prices looks to be in 3rd wave as per Elliott wave pattern. On the upside a move towards Rs 2,150 is expected as long as Rs 1,950 levels remains protected on the downside.
Fortis Healthcare made a fresh high in the prior session near Rs 803 levels. Recently stock gave breakout above previous swing high of Rs 781 and successfully managed to sustain above the same. Also, since June 20 not a single candle has closed below prior day’s low which is a bullish sign. Overall bias is on the bullish side and upside move to Rs 840 followed by Rs 895 levels is expected. Support on downside is near Rs 764 levels.
What are your top two bets for the month of July?
Godfrey Phillips in the previous week, found support of the 50 period Exponential Moving average and sharply reversed on upside. Currently stock is on the verge to give breakout of the rounding bottom pattern. A daily close above Rs 9,250 levels can confirm about the pattern breakout and post which sharp rally can be seen towards 9500 followed by 9950. Along with this, MACD has recently shown a bullish crossover which is acting as a double confirmation. On the downside Rs 8,730 is the nearest support.
Hindustan Petroleum Corporation has recently started to shine as crude oil prices have started to cool down which is positive for oil marketing companies. As a result, we are seeing positive impact on Hindustan Petroleum as well! Also, on the daily chart, Bollinger Bands have started to expand suggesting trending move can emerge. Buying on dips looks prudent strategy for better risk reward with the upside targets of Rs 460 followed by Rs 490 levels. On the downside Rs 415 is the crucial support.
Do you expect the positive momentum to continue in the Nifty 50 and Bank Nifty during July?
Nifty 50
Nifty has been climbing the wall of worry. Over past few months we have seen worst of the news of tariff, war, middle east crises but index has still inched higher and protected crucial supports during that time. As soon as we saw stability & easing global tension prices gave strong breakout. This clearly suggests strong undercurrent and Nifty has relatively outperformed global markets over past month. Having said that prices are in 3rd wave which can be strong and fast as per Elliott wave. As long as support near 25,260 is intact we can see move to 25,820 followed by lifetime high levels above 26,277 on upside. Since June 16 not a single candle has closed below prior day’s low highlighting strength in ongoing trend.
Bank Nifty
Since mid of the June 2025, Bank Nifty moved on the upside and surged by nearly 1,000 points since June 20. Prices broke 57,000 mark and made a fresh record high near 57,475 levels. Interestingly, since past 7 weeks Bank Nifty has protected prior weekly low on closing basis highlighting strength in ongoing trend. Currently, we are probably moving up in wave 5. So, expecting July series to be in positive as long as 56,600 remains protected on the downside for a move to 59,000 levels.
Do the charts suggest that HDFC Life’s upward trend is sustainable in the coming weeks?
HDFC Life Insurance Company has continued to move up in form of higher high and higher low formation and was also the top performing stock in the financial sector. Prices finally gave a breakout of the smaller rounding bottom pattern in the Thursday’s session. For now, one can use dips towards the neckline which is near Rs 785-790 levels as a buying opportunity with the pattern target of Rs 845 followed by Rs 880 levels with Rs 770 levels as an immediate support.
Do you expect the Nifty Midcap and Smallcap indices to reach record highs in July?
We can see Nifty Small Cap 250 has shown outperformance in the recent rally. Prices are now trading at the prior swing high of 17,650 levels. Lifetime high made by this index is near 18,700 and the same can be achieved in July.
Midcap 100 is currently trading at 59,400 and lifetime high level is near 60,925. Index can breach to new uncharted territory in month of July. Immediate support is near 57,270. Index has also made a rounding bottom pattern & we can see Midcap and Smallcap indices to outperform from here on.
How are FIIs positioning themselves now, given the shift in market sentiment and positive global cues?
FII’s data for cash segment in the year 2025 is negative Rs 1,10,899 crore so far. It is the domestic investors that are driving the economy and the market which is a good sign. This has provided us with much needed cushion from FII’s outflow and global events. Having said that with markets on a tear there is high possibility of FII’s returning to the Indian equities which will further help to derive prices higher. Given that the global sentiments are stabilizing, India will emerge as one of the favourite destination again.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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