Nifty 50, Sensex likely to continue range-bound trade; check key levels to track on July 4

Here are key levels to watch in trade

Early signs of fatigue have started to show as the index struggles to maintain gains at higher levels. Despite several intraday attempts, consistent selling pressure was evident. Still, with the index comfortably trading above its 10- and 20-EMA levels, this appears to be a healthy pause rather than a negative reversal.

Currently, the index is struggling around a key supply zone, with resistances gradually shifting lower toward the 25,500–25,600 range—levels that also see considerable activity from call writers, now serving as immediate resistance.

"Meanwhile, the 25,300 mark has emerged as a critical support zone. The index continues to trade above its short-term 10- and 20-day exponential moving averages, offering cushion and indicating underlying demand. A strong close above 25,600 could reignite bullish momentum, potentially leading toward the psychological mark of 26,000. Conversely, a breach below 25,300 could accelerate short-term declines toward 25,000," said Dhupesh Dhameja of SAMCO Securities.

India VIX eased by 0.48 percent, closing at 12.38, well below its psychological ceiling of 15. The persistent low volatility continues to reflect market confidence and the absence of panic; these are the conditions typically supportive of a slow and steady up-move.

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