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Below the Quote on Market Morning Inputs 23th June 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities

Technically, on the weekly chart, the market has formed a bullish candle, and on the daily chart, it has formed a higher bottom. Additionally, it is currently trading above the 20-day Simple Moving Average (SMA), which is broadly positive. We believe, last Friday, the market not only crossed the 24,900/81800 resistance level, but also managed to close above it.

For short-term traders, the key support zones are now 24,850/81600 or the 20-day SMA and 24,700/81100. The bullish sentiment is likely to continue as long as the market sustains above these levels. On the higher side, 25,250/82700 would be the immediate resistance level for the upside. Above this, the market could rise towards 25,400-25,500/83300-83600. However, the uptrend could weaken if the market rejects 24,700/81100. In such a scenario, it could re-test the 24,500/80500 levels. Further decline could push the market towards 24,400/80200 or the 50-day SMA.

For Bank Nifty, a higher lower support is placed at 55,500. Above this, it can bounce back towards 57000-57350. Conversely, if it slips below 56,500, it can decline towards the 50-day SMA or 55,000 and 54,800 levels.

The strategy should be to take short trades if Nifty reaches the highs of 25200/25250. For this, keep a stop loss at 25350. On the other hand, expect further weakness below 24700; however, in that case, we need to keep a minimum stop loss for it at 24800. Below 24700, there is scope for it to fall back to 24500 levels. However, a denial of further falls below 24700 would be positive for the market. Contra buying is recommended between 24500 and 24200.

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