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Published on 16-06-2026 10:18 am

Market Outlook

The Indian market witnessed a positive traction on Monday, opening with a gap-up amid improved investor sentiment following the US Iran deal. However, profit booking emerged near the 24,000 mark during the latter half, which dragged the Nifty 50 index towards the 23,800 level before settling the day at 23850, with the gains of nearly one percent. From the derivatives perspective, fresh call writing was observed at the 24,000 strike, indicating an immediate resistance zone. Meanwhile, put writing witnessed at the 23,800 and 23,700 strikes, along with the call unwinding, suggesting that the underlying positive trend may remain intact

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Published on 16-06-2026 10:16 am

BANKNIFTY

* The Banking Index advanced for a third consecutive session, sustaining levels above key short- to medium-term moving averages, reflecting continued positive momentum.

* After opening with a significant gap-up, the index experienced moderate profit booking but retained strength to close higher.

* Market breadth remained favorable, with ICICI Bank being the sole laggard, while gains were led by Yes Bank and IDFC First Bank.

* Immediate resistance is seen at 58,600, with support at 56,200

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Published on 16-06-2026 10:15 am

NIFTY

* Nifty witnessed a strong rally on Monday, extending Friday's gains amid favourable global cues and easing geopolitical concerns.

* Technically, Nifty has strengthened its recovery after decisively surpassing the hurdle of upper band of declining channel at 23,800 and touched the psychological 24,000 mark.

* On the downside, the 23,500-23,650 region is expected to act as a critical support in the event of any profit-taking.

* While the near-term outlook has improved meaningfully, we continue to advocate a stock-specific approach with disciplined risk management, favouring banking, financials, auto, infrastructure, and select domestic cyclical themes for long positions.

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Published on 16-06-2026 10:13 am

Nifty

Nifty50 has broken out of a declining channel with a bullish gap, indicating a shift in short-term trend. The earlier resistance zone of 23840–23700 has now turned into an immediate support area, reinforced by the RSI moving above 50, signaling improving momentum. Additionally, the Directional Movement Indicator (DMI) has picked up from lower levels, supporting strengthening trend momentum. The channel breakout projects an upside target of 24400 in the coming weeks, though 24000 remains an immediate hurdle. A decisive move above 24000 could trigger short covering, adding further momentum to the upmove.For today’s expiry session, it is crucial for the index to sustain above 23700. On the downside, 23840 (50 DEMA) acts as a key support; a break below this level may weaken the bullish setup and suggests avoiding fresh accumulation. Overall, the outlook remains optimistic, with a bias toward an extended upmove as long as key support levels are held.

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Published on 16-06-2026 10:12 am

Comments:

Nifty weekly contract has the highest open interest at 24000 CE and 23500 PE while monthly contracts have the highest open interest at 25000 CE and 24000 PE. The highest OI addition was seen at 24000 CE and 23800 PE in weekly and at 24500 CE and 23300 PE in monthly contracts. FIIs increased their future index long holdings by 2.76%, decreased future index shorts by 0.45% and in index options, 7.86% increase in Call longs, 4.09% decrease in Call short, 11.09% increase in Put longs and 7.89% decrease in Put shorts.

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