NIFTY 23rd JUNE EOD ANALYSIS CLOSE PRICE 24972.

NIFTY 23^rd JUNE EOD ANALYSIS CLOSE PRICE 24972.

On the daily chart, Nifty50 has plotted an inside candle after a bullish marubozu candle with a higher volume that on the last day of the previous week. Technically, Nifty is trading in an upward channel projecting an upside target above 25500 with a bare risk below 24700 on EOD basis. Today’s closing price of Nifty50 (24972) is a typical 40% pullback of previous move from 24733 to 25136. Any further disturbance on Geopolitical front will dampen bullish momentum. Immediate support could be at around 24820 (today’s low) and immediate resistance may persist at around 25070. This has been a recurring trend for the past five weeks, where the Nifty shows a decisive move on the last trading day of the week but fails to sustain it as the new week begins, remaining stuck within the broader range of 24,450–25,200. Looking ahead, in the absence of any major domestic triggers, global market performance and crude oil price movement will be key in setting the tone. Participants are advised to avoid aggressive bets and instead focus on selective stock picking based on relative strength during this consolidation phase.

After showing an excellent breakout of choppy movement on Friday, the Nifty has slipped into weakness on Monday on the event of rising geo-political tensions in the middle east and closed the day lower by 140 points. Nifty opened on a downside gap of 173 points on the backdrop of weak global cues, it later shifted into an upside recovery from the day's low of 24824 levels in the early to mid-part of the session. The market was not able erase the intraday losses to completely in the mid to later part of session, but closed the day off the lows.

Trent, Bharat Electronics, Hindalco Industries, Adani Enterprises, Adani Ports were among major gainers on the Nifty, while losers were Infosys, L&T, Hero MotoCorp, M&M, HCL Technologies. On the sectoral front, IT, FMCG, Auto, Bank down 0.5-1.5 percent, while media, metal, capital goods up 0.5-4 percent.  

Market may take a cautious stance on further ongoing issues such as,

Israel-Iran war: US strikes Iran, Iran threatens Hormuz Strait, an important global energy route closure, possibility of rise in Crude oil prices, Rise in Dollar index.