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Published on 17-06-2026 10:59 am

Nifty

* Nifty extended its rally for a third straight session, gaining 135 points to close at 23,989. Supported by positive global cues and easing crude oil prices, the index traded with a positive bias throughout the day and ended near its session high.

* Short Covering was seen in the Nifty Futures where Open Interest fell by 3.08% with Nifty rising by 0.57%.

* Short Covering was seen in the Bank Nifty Futures where Open Interest fell by 3.10% with Bank Nifty rising by 0.17%.

* Nifty Open Interest Put Call ratio rose to 1.08 levels from 1.04 levels.

* Amongst the Nifty options (23-Jun Expiry), Call writing is seen at 24000-24100 levels, indicating Nifty is likely to find strong resistance in the vicinity of 24000-24100 levels. On the lower side, an immediate support is placed in the vicinity of 23900-23800 levels where we have seen Put writing.

* Short covering was seen by FII's’ in the Index Futures segment where they net bought worth 1,783 cr with their Open Interest going down by 15539 contracts.

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Published on 17-06-2026 10:31 am

Global News

• US-Iran Peace Deal Signals Strait of Hormuz Reopening and Nuclear Accord Breakthrough: US President Donald Trump announced that the US and Iran have signed a preliminary agreement to end the conflict, with the Strait of Hormuz partially reopened and expected to be fully operational by Friday when the deal is formally signed in Geneva. Trump said Iran has agreed not to pursue nuclear weapons, while the agreement also extends the ceasefire by 60 days to facilitate technical negotiations on Iran’s nuclear programme and sanctions relief. The memorandum, brokered by Pakistan, aims to restore regional stability and end military operations across multiple fronts, with further details of the pact expected to be released soon

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Published on 17-06-2026 10:30 am

Economic News

• India-UK steel dispute and Russia rare-earth talks highlight India's push to secure strategic trade and critical mineral interests: India is pushing the UK to remove or significantly raise the proposed $900 million steel import quota under the India–UK Free Trade Agreement, arguing that the cap is below India's recent export levels and could hurt its steel industry despite the trade deal. The issue has delayed FTA implementation and is compounded by the UK's upcoming Carbon Border Adjustment Mechanism (CBAM), which may impose additional costs on steel imports. Separately, India is exploring rare earth supplies from Russia's Tomtor deposit through talks between IREL and Rosneft, as New Delhi seeks to reduce dependence on China for critical minerals essential for electric vehicles, clean energy, and defense applications.

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Published on 17-06-2026 10:18 am

Intraday Rational :

• Trend - Breakout from 4 months falling trend line, confirms resumption of uptrend

• Levels - Buy around 80% retracement

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Published on 17-06-2026 10:18 am

Technical Outlook :

• BankNifty opened on positive note and remained range bound throughout the sessions within previous days range. The daily price action resulted into doji like candle, indicating breather.

• Over past two weeks index has rallied 9% that hauled daily stochastic in overbought conditions. Therefore, couple of days breather cannot be ruled out at higher levels. This would make market healthy and eventually set the stage for next leg of rally and form higher base to gradually head towards target of 59300 levels in coming month as it is 80% retracement of Feb26-April26 decline

• Structurally, index has broken out of four months falling trend line, indicating conclusion of corrective bias that opens the door for next leg of up move. The formation of higher high-low on the weekly chart makes us revise support upward towards 55000 levels being 61.8% retracement of current up move coinciding with 50-day EMA.

• Mirroring the benchmark, PSU Bank Index logged a resolute breakout from four months falling trend line, signifying resumption of uptrend. Structurally Index has formed higher base above 52-week EMA over past four weeks. Going ahead we expect Index to regain momentum and head towards 8800 levels being 80% retracement of current decline(9095-7800)

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