The analyst expects Nifty to consolidate unless a breakout above 26,278 triggers fresh upside.

Indian equity markets surged over 2% last week, supported by easing geopolitical concerns and strong derivatives data. 

The Nifty 50 index closed the June series with a gain of over 3%, supported by higher volume and a breakout attempt from a rounding bottom pattern.

SEBI-registered research analyst Rohit Mehta said the index tested the resistance zone near 26,000 but has yet to achieve a strong close above it.

Mehta identified the 25,000–25,200 range as a crucial support zone, calling it a former resistance that has now become a base. 

He marked 26,000–26,278 as the resistance zone, with a decisive weekly close above 26,278, potentially unlocking further upside toward 26,600–26,800.

Regarding the outlook for early July, Mehta said the Nifty 50 is likely to consolidate between 25,200 and 26,000, unless a breakout occurs.

Among June’s top performers, Mehta listed:

Jio Financial Services up 13.83%

Grasim Industries up 12.48%

Shriram Finance up 11.03%

Eternal up 10.15%

Hindalco Industries up 9.27%

On Stocktwits, retail sentiment was ‘bullish’ on the Nifty amid ‘normal’ message volume.

The Nifty 50 index has risen 7.4% this year.

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