 "NSE, national stock exchange, nifty50")
Outlook on the Sensex, Nifty for June 25: The NSE benchmark Nifty 50 index bounced back smartly after testing support around 23,350 levels on Monday. The price-to-moving averages action remains favourable for the Nifty on the daily scale as the index holds firmly above the key moving averages.
However, select momentum oscillators are showing signs of caution. As such, the Nifty may face some resistance around its recent peak at 23,667 above which 23,850 is likely to act as a crucial hurdle.
On the downside, the support zone between 23,350 – 23,290 holds the key to the current up move.
Meanwhile, the BSE Sensex on Tuesday may swing between the 76,900 – 77,760 range, with interim support seen at 77,080 and 77,005; whereas, resistance expected around 77,600 and 77,690 levels.
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Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities
Strong put writing was observed at the 23,400 & 23,500 Strike in Nifty, which led to the steady Intraday up move in the index yesterday. The high of 23,339 made on 3rd June, 2024, which acted as a resistance earlier, is likely to act as a strong support for the Nifty.
The Bulls, the put writers (2.76 lakh contracts) led the Bears, the call writers (2.35 lakh contracts) marginally at the 23,500 Strike and the option activity at this strike will provide cues about Nifty’s future direction.
In case of the Bank Nifty, strong put writing was observed at the 51,500 Strike. The high of 51,133 made on 3rd June, 2024, which acted as a resistance earlier, is likely to act as a strong support for Bank Nifty. The option activity at 51,700 Strike will provide cues about Bank Nifty’s Intraday direction hereon.
Om Mehra, Technical Analyst, SAMCO Securities
The daily chart shows a bullish candle, with Nifty taking support from a rising trendline, maintaining a positive primary trend. Immediate support is at 23,300; a breach may slow the bullish trend.
The RSI remains positive above 60. Any pullback to 23,450-23,400 presents a buying opportunity for the next session.
After opening lower on Monday, the Bank Nifty found support at its previous swing high from June 3rd. The daily MACD and RSI indicators remain positive, indicating ongoing bullish strength. A break above the 52,000 level could push the index towards the 52,440-52,500 range.
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates
Technically, since last couple of weeks, the Nifty is consolidating in the band of 23,330-23,670. Thus, for fresh bullish momentum, index need to sustain above 23,670-23,700 zone. If it manages to sustain above 23,700, the rally could extend towards 24,000 levels.
On the downside, 23,300 will act as strong support for the Nifty.
Meanwhile, the Bank Nifty retested the recent breakout point and witness recovery, indicating strength. Thus, as long as index holds above 51,000 levels, buy-on-dips strategy should be adopted. On the higher side, 52,000 will act as immediate hurdle for the Bank Nifty, where trend line resistance is placed.
Rupak De, Senior Technical Analyst, LKP Securities
The Nifty bulls were able to defend the 55 EMA on the hourly chart. The trend remains positive for the short term as long as the index remains above 23,300, where a buy-on-dips strategy might favor traders. On the higher end, resistance is seen at 23,600. A decisive move above 23,600 might lead call writers to unwind their positions.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The Bank Nifty index continued to remain strong and, after testing the support zone of 51,200-51,000, bounced back sharply. The immediate resistance is placed at 52,000, where the highest open interest is seen on the call side. Once the index surpasses this mark, it will likely witness a further up move towards the 52,400-52,800 range.
