Indian stock markets are expected to open on a positive note today, June 25, as indicated by the Gift Nifty, which was trading in the green at 25,185 around 7:45 AM. This suggests a firm start for the Nifty 50 index.
On Tuesday, equity benchmarks saw high volatility. The Sensex surged over 1,100 points intraday to hit 83,018.16, before paring most of the gains to settle at 82,055.11, up 158.32 points or 0.19%. The Nifty 50 also moved higher by 72.45 points or 0.29%, ending the session at 25,044.35 after touching a high of 25,317.70 during the day.
Technically, the Nifty crossed a key resistance level of 25,100 during the session but failed to hold above it by the close. A breakout above this level could have signaled a continued rally toward 25,500 and 25,800. However, fresh selling pressure at higher levels kept the index below 25,200, suggesting indecision and range-bound movement in the near term.
The 24,800 level has emerged as an important support, backed by significant put writing. As long as Nifty remains above this mark, a breakout attempt remains possible. A fall below 24,800 could lead to a deeper correction. Immediate resistance levels for the index lie at 25,100, 25,200, and 25,300.
Meanwhile, Bank Nifty formed a doji candlestick pattern, indicating indecision. If the index sustains above Tuesday’s low, a near-term rally toward 57,500 and 58,000 remains on the cards.
Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Business Headline (BH) suggests its readers/audience to consult their financial advisors before making any money related decisions.
