Sensex and Nifty Forecast for June 25: The NSE benchmark Nifty 50 index recovered intelligently on Monday after finding support at 23,350 points. As long as the index stays well above the important moving averages, the price-to-moving averages movement for the Nifty on a daily basis is still beneficial.
On the other hand, several momentum oscillators are displaying warning indications. Therefore, the Nifty might encounter some resistance near its most recent peak of 23,667, above which 23,850 is probably going to serve as a significant barrier.
The recent rising move can be attributed to the support zone on the downside, which lies between 23,350 and 23,290.
On Tuesday, the BSE Sensex is predicted to fluctuate between 76,900 and 77,760. Interim support is located between 77,080 and 77,005, while resistance is anticipated to be found at 77,600 and 77,690 levels.
Tuesday, June 25, trading plan – Is it better to purchase or sell stocks now? Here’s what industry insiders advise:
Ashwin Ramani works for SAMCO Securities as a technical and derivatives analyst.
The Nifty saw strong put writing at the 23,400 and 23,500 strikes, which contributed to the index’s continuous intraday upward movement yesterday. The Nifty is expected to find significant support from the high of 23,339 reached on June 3, 2024, which served as resistance before.
At the 23,500 strike, the Bulls, who were put writers with 2.76 lakh contracts, narrowly outperformed the Bears, who were call writers with 2.35 lakh contracts. The option activity during this strike will give clues regarding the future path of the Nifty.
Strong put writing was seen in the Bank Nifty at the 51,500 Strike. The previous resistance level, reached on June 3, 2024, at 51,133, is probably going to serve as a solid floor for the Bank Nifty. Hereafter, Bank Nifty’s intraday direction will be inferred from the option activity at 51,700 Strike.
Om Mehra, SAMCO Securities Technical Analyst
The daily chart displays a bullish candle, and the Nifty is still in the positive primary trend, thanks to support from a rising trendline. A violation of the immediate support level at 23,300 could halt the upward momentum.
Above 60, the RSI stays positive. For the upcoming session, there is a buying opportunity on any retreat to 23,450–23,400.
The Bank Nifty found support near its prior swing high from June 3rd after commencing Monday’s trading session lower. Bullish strength persists as seen by the positive daily MACD and RSI readings. The index may move into the 52,440–52,500 zone if it breaks above the 52,000 mark.
Asit C. Mehta Investment Intermediates’ AVP of Technical and Derivatives Research, Hrishikesh Yedve
Technically, for the past few weeks, the Nifty has been stabilising in the 23,330–23,670 range. In order to maintain new bullish momentum, the index must remain above the 23,670-23,700 range. Should it maintain its support above 23,700, the surge may continue to 24,000 levels.
On the down side, the Nifty will find solid support at 23,300.
In the meantime, the Bank Nifty recovered and retested the previous breakout point, demonstrating strength. Thus, the buy-on-dips approach should be used as long as the index remains above 51,000 levels. On the upper side, the Bank Nifty will face immediate resistance above 52,000, the location of the trend line.
Senior Technical Analyst at LKP Securities, Rupak De
On the hourly chart, the bulls in the Nifty were able to hold the 55 EMA. As long as the index stays above 23,300—a level at which traders may benefit from a buy-on-dips strategy—the short-term trend is good. At 23,600, resistance is observed at the upper end. A significant move above 23,600 could cause call writers to reduce their bets.
Senior Technical and Derivative Analyst at LKP Securities, Kunal Shah
The Bank Nifty index remained robust and made a significant recovery after probing the 51,200–51,000 support zone. The largest open interest on the call side is observed at 52,000, which is the immediate resistance. The index will probably continue to rise after crossing this threshold and head into the 52,400–52,800 zone.