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• Equity benchmark indices ended on a flat to positive note, with the Sensex gaining over 100 points and the Nifty closing above the 24,000 mark, supported by a sharp decline in crude oil prices to $73 per barrel, returning to pre-conflict levels seen before the US-Iran tensions. The fall in crude prices provided significant relief for India, which imports over 70% of its crude oil requirements. Positive global cues also supported market sentiment, with major Asian markets rallying by as much as 5% and US index futures advancing nearly 2% following better-than-expected quarterly results from Micron Technology. Additionally, Lower crude oil prices, optimism over a potential US-Iran peace agreement, easing geopolitical tensions in the Gulf region, moderation in FIIselling, and a strong rally across Asian markets further boosted investor confidence.

• The Nifty gained 34 points, or 0.1%, to close at 24,056, while the Sensex rose 109 points, or 0.1%, to settle at 77,100. Sectorally, Nifty Auto, Realty, Financial Services, and FMCG ended in positive territory, while Nifty Metal emerged as the biggest loser. Nifty Auto advanced nearly 3% on expectations of strong June monthly sales data. Nifty Financial Services gained over half a percent after the RBI issued revised guidelines for upper-layer NBFCs by replacing the earlier parametric scoring methodology with an asset-size criterion of Rs1 lakh crore and above for identifying NBFCs eligible for inclusion in the upper-layer category. Meanwhile, Nifty Metal declined more than 1%, weighed down by aluminium prices falling to a three-month low on the LME and a stronger US Dollar Index, which climbed to a 13-month high of 101

Technical Outlook:

• Nifty index opened with a gap up of around 100 points and tried to sustain above the crucial 24200 zones during the first half of the session. The resistance levels attracted selling pressure and the bears gradually gained control in the second half dragging the index lower and erasing most of the early gains. On the daily timeframe the index formed a bearish candle with longer upper shadow indicating profit taking at higher zones. It formed a doji sort of a candle on the weekly frame with longer lower shadow and has been making higher highs – higher lows from the last two weeks. Overall broader trend remains positive as support based buying is intact but some swings present in the near term. Now it has to cross and hold above 24100 zones for an up move towards 24250 then 24400 while support can be seen at 23950 then 23800 zones.

• S&P BSE Sensex index opened on a positive note and witnessed buying interest as it moved towards 77800 zones till midday post which momentum fizzled out and it witnessed sharp profit booking which wiped off most of its intraday gains. It formed a bearish candle on the daily chart with a longer upper shadow indicating selling pressure at higher levels while the Doji candle on the weekly chart reflects a clear tussle between the bulls and the bears. A decisive close above the hurdle zones is now required to trigger the next leg of the rally. Now it has to hold above 77000 zones for an up move towards 77500 then 77800 zones while supports are seen at 76500 and then 76300 zones

Derivative Outlook:

• Nifty future closed positive with gains of 0.21% at 24103 levels. Positive setup seen in Motherson, Indigo, Max Health, TVS Motor, CG Power, DR Reddy, Radico, United Spirits, Bharat Forge and Auro Pharma while weakness seen in Hind Zinc, Astral, Naukri, VEDL, National Aluminum, ONGC, Jindal Steel and Hindalco.

• On option front, Maximum Call OI is at 24200 then 24000 strike while Maximum Put OI is at 24000 then 23900 strike. Call writing is seen at 24200 then 24250 strike while Put writing is seen at 24100 then 24200 strike. Option data suggests a broader trading range in between 23700 to 24500 zones while an immediate range between 23900 to 24300 levels.

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