Quote on Pre Market Comment 22th June 2026 by Hitesh Tailor Technical Research Analyst at Choice Broking
Below the Quote on Pre Market Comment 22th June 2026 by Hitesh Tailor Technical Research Analyst at Choice Broking
Indian equity markets are expected to open on a mildly positive note, with Gift Nifty trading at 24,160, up by 80 points. However, global sentiment remains cautious as Asia-Pacific markets opened on a mixed-to-negative note following reports that Iran withdrew from talks in Switzerland after renewed geopolitical tensions. Despite the positive indication from Gift Nifty, traders are likely to remain watchful amid elevated geopolitical uncertainty.
In the previous session, the Nifty 50 snapped its five-day winning streak and declined around 0.6 percent due to profit booking. Despite the correction, the index continued to trade comfortably above its short- and medium-term moving averages, indicating that the broader trend remains positive. The recent decline appears to be a healthy consolidation within the ongoing uptrend rather than a reversal of trend.
From a technical standpoint, momentum indicators continue to support a constructive outlook. The RSI has eased marginally from higher levels but remains above its reference line, reflecting sustained bullish momentum. The MACD continues to hold above both the signal and zero lines, maintaining its bullish crossover despite some moderation in histogram strength. The 23,800 zone, coinciding with the 10-day and 50-day EMAs, is expected to act as a crucial support area. As long as the index sustains above this level, the possibility of an extension towards 24,200-24,300 remains intact. A decisive move above this zone may further open the path towards the key resistance area near 24,500.
Derivatives data suggests that the bullish undertone remains intact despite some unwinding of aggressive positions. The Put Call Ratio (PCR) declined to 0.91 from 1.12 in the previous session, indicating a moderation in bullish sentiment. However, the ratio continues to remain above the critical 0.70 threshold, suggesting that traders have not turned decisively bearish.
India VIX rose 2.35 percent to 12.97 but continued to trade at relatively low levels and remained well below its major moving averages. The subdued volatility environment indicates that market participants are still comfortable with the broader trend. Sustaining below the 14 mark remains supportive for bullish sentiment and limits the possibility of sharp downside volatility.
In terms of price structure, Nifty formed a small-bodied candle with a lower shadow, indicating buying interest emerging at lower levels after the gap-down opening. The index continues to maintain a higher high-higher low formation on the short-term charts, while the 10-day EMA is on the verge of crossing above the 50-day EMA, further strengthening the positive setup. The current structure suggests consolidation within an ongoing uptrend rather than trend deterioration.
Bank Nifty also witnessed profit booking after a strong six-session rally and declined around 0.5 percent. However, the index successfully defended key support levels and continued to trade above all major moving averages. The broader structure remains bullish, with the index holding above its April swing high and the 61.8 percent Fibonacci retracement level. Momentum indicators remain supportive, with RSI sustaining above 67 and MACD maintaining a bullish crossover. Immediate support is placed around 57,076–56,800, while resistance is seen near 58,000-58,500.
Overall, the technical setup remains constructive despite short-term profit booking. As long as Nifty holds above the crucial support zone of 23,800, the broader bullish trend is likely to remain intact. The immediate trading range for the index is seen between 23,800 and 24,300, while a decisive breakout above 24,300 could accelerate the move towards 24,500 in the coming sessions.
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