Nifty, Kospi, Nikkei, Hang Seng, S&P500, DAX, FTSE 100, Nasdaq: Technical view
Japan's Nikkei and Taiwan's TAIEX maintained strong uptrends, while Hong Kong's Hang Seng turned bearish and South Korea's Kospi underwent a sharp intermediate correction.
- Jul 8, 2026,
- Updated Jul 8, 2026 8:01 AM IST
Market outlook: In a technical note on key global stock indices, Emkay Global said global equities remained constructive but were consolidating rather than trending. The domestic brokerage said developed market benchmarks such as the US' S&P 500, Nasdaq and Germany's DAX were trading within narrow ranges after strong advances, while the UK's FTSE 100 had staged a mild breakout from an 18-week symmetrical triangle.
In Asia, leadership remained divergent, Emkay Global said. Japan's Nikkei and Taiwan's TAIEX maintained strong uptrends, while Hong Kong's Hang Seng turned bearish and South Korea's Kospi underwent a sharp intermediate correction, it said.
"In India, the Nifty 50 remains range-bound and indecisive within its two-year 22,200-26,200 band, though midcap strength near all-time highs keeps the buy-on-dips framework intact," Emkay said.
Here's the technical outlook for key global indices
Nifty 50 Emkay said Nifty has spent the past two years confined to a broad 22,200–26,200 range, an amplitude of roughly 18 per cent. The immediate outlook is sideways to negative, it said.
"Short-term sentiment would improve on a move above 24,200, while a decisive close above 24,600 is required to restore broader positivity. Immediate support is placed at 23,770, followed by the 23,200–23,000 band. While the large-cap index remains in an indecisive state, bullish momentum continues to be observed in the midcap segment," Emkay said.
Trend: Indecisive | Resistance: 24,200 / 24,600 | Support: 23,770 / 23,200–23,000
Nifty Midcap 100
Emkay Global said the midcap index is trading near its all-time high and continues to support a buy-on-dips approach. The bullish tone remained intact above 58,000. Based on time-cycle analysis, the upside phase has the potential to extend into the October–December 2027 window, it said.
Trend: Bullish — buy on dips | Resistance: — | Support: 58,000 (trend pivot)
S&P 500 The US benchmark index has been consolidating within a narrow 5 per cent range over the past 35 trading sessions, digesting its prior advance. The underlying structure remains constructive, Emkay said.
Trend: Sideways to positive | Resistance: 7,600 | Support: 7,300–7,200
Nasdaq Following a strong upside move, Nasdaq has been consolidating within an 8 per cent range over the past 40 trading sessions. The pause is viewed as consolidation within the ongoing uptrend rather than distribution, Emkay said.
Trend: Sideways to positive | Resistance: 26,650 / 27,150 | Support: 25,100 / 24,000
FTSE 100 The UK index has registered a mild breakout from a symmetrical triangle formed over an 18-week compression phase, a constructive continuation signal.
Trend: Bullish | Resistance: 10,850 | Support: 10,200 / 9,800
CAC 40 The pace of the advance has moderated somewhat; however, the broader positive trend remains intact.
Trend: Bullish | Resistance: 8,600 | Support: 8,240 / 8,100
DAX The index remained in a sideways-to-positive trend, having consolidated within the 22,800–25,300 band for the past 15 months. The underlying tone remains bullish.
Trend: Sideways to positive | Resistance: 25,300 | Support: 24,500 / 23,900
Nikkei 225 Emkay said the Japanese index remained in a strong bullish trend, with a typical intermediate correction profile of 7 per cent preceding each fresh upside leg. Sustained trade below 69,000 could extend the current correction, it said. The broader trend remained firmly bullish, it said.
Trend: Bullish (short-term correction) | Resistance: 71,100 / 72,800 | Support: 67,500 /63,800
Hang Seng This index is reacting lower from its resistance band. Intermediate rallies are viewed as selling opportunities. A move below 22,600 would invite further selling pressure, Emkay said.
Trend: Bearish | Resistance: 24,500 | Support: 22,500 / 22,000
Kospi The broader trend remains positive, though intermediate corrections in this index have historically been as sharp as 20%. The short-term chart has sustained mild damage, and the near-term trend remains weak below 8,700. Immediate support is placed at 7,100, Emkay said.
Trend: Intermediate correction | Resistance: 8,100 | Support: 7,100
TAIEX The index remains in a strong bullish trend, with no overhead resistance of note.
Trend: Bullish | Resistance: — | Support: 43,000
Market outlook: In a technical note on key global stock indices, Emkay Global said global equities remained constructive but were consolidating rather than trending. The domestic brokerage said developed market benchmarks such as the US' S&P 500, Nasdaq and Germany's DAX were trading within narrow ranges after strong advances, while the UK's FTSE 100 had staged a mild breakout from an 18-week symmetrical triangle.
In Asia, leadership remained divergent, Emkay Global said. Japan's Nikkei and Taiwan's TAIEX maintained strong uptrends, while Hong Kong's Hang Seng turned bearish and South Korea's Kospi underwent a sharp intermediate correction, it said.
"In India, the Nifty 50 remains range-bound and indecisive within its two-year 22,200-26,200 band, though midcap strength near all-time highs keeps the buy-on-dips framework intact," Emkay said.
Here's the technical outlook for key global indices
Nifty 50 Emkay said Nifty has spent the past two years confined to a broad 22,200–26,200 range, an amplitude of roughly 18 per cent. The immediate outlook is sideways to negative, it said.
"Short-term sentiment would improve on a move above 24,200, while a decisive close above 24,600 is required to restore broader positivity. Immediate support is placed at 23,770, followed by the 23,200–23,000 band. While the large-cap index remains in an indecisive state, bullish momentum continues to be observed in the midcap segment," Emkay said.
Trend: Indecisive | Resistance: 24,200 / 24,600 | Support: 23,770 / 23,200–23,000
Nifty Midcap 100
Emkay Global said the midcap index is trading near its all-time high and continues to support a buy-on-dips approach. The bullish tone remained intact above 58,000. Based on time-cycle analysis, the upside phase has the potential to extend into the October–December 2027 window, it said.
Trend: Bullish — buy on dips | Resistance: — | Support: 58,000 (trend pivot)
S&P 500 The US benchmark index has been consolidating within a narrow 5 per cent range over the past 35 trading sessions, digesting its prior advance. The underlying structure remains constructive, Emkay said.
Trend: Sideways to positive | Resistance: 7,600 | Support: 7,300–7,200
Nasdaq Following a strong upside move, Nasdaq has been consolidating within an 8 per cent range over the past 40 trading sessions. The pause is viewed as consolidation within the ongoing uptrend rather than distribution, Emkay said.
Trend: Sideways to positive | Resistance: 26,650 / 27,150 | Support: 25,100 / 24,000
FTSE 100 The UK index has registered a mild breakout from a symmetrical triangle formed over an 18-week compression phase, a constructive continuation signal.
Trend: Bullish | Resistance: 10,850 | Support: 10,200 / 9,800
CAC 40 The pace of the advance has moderated somewhat; however, the broader positive trend remains intact.
Trend: Bullish | Resistance: 8,600 | Support: 8,240 / 8,100
DAX The index remained in a sideways-to-positive trend, having consolidated within the 22,800–25,300 band for the past 15 months. The underlying tone remains bullish.
Trend: Sideways to positive | Resistance: 25,300 | Support: 24,500 / 23,900
Nikkei 225 Emkay said the Japanese index remained in a strong bullish trend, with a typical intermediate correction profile of 7 per cent preceding each fresh upside leg. Sustained trade below 69,000 could extend the current correction, it said. The broader trend remained firmly bullish, it said.
Trend: Bullish (short-term correction) | Resistance: 71,100 / 72,800 | Support: 67,500 /63,800
Hang Seng This index is reacting lower from its resistance band. Intermediate rallies are viewed as selling opportunities. A move below 22,600 would invite further selling pressure, Emkay said.
Trend: Bearish | Resistance: 24,500 | Support: 22,500 / 22,000
Kospi The broader trend remains positive, though intermediate corrections in this index have historically been as sharp as 20%. The short-term chart has sustained mild damage, and the near-term trend remains weak below 8,700. Immediate support is placed at 7,100, Emkay said.
Trend: Intermediate correction | Resistance: 8,100 | Support: 7,100
TAIEX The index remains in a strong bullish trend, with no overhead resistance of note.
Trend: Bullish | Resistance: — | Support: 43,000