IGI Logo

Below the Quote on Pre-Market Comment 24 June 2025 by Aakash Shah, Technical Research Analyst, Choice Broking Ltd

Markets likely to open higher on June 24 as geopolitical tensions ease after Iran–Israel ceasefire, announced by US President Trump. Gift Nifty indicates a strong start, trading 1% higher at 25,212, offering relief after recent volatility.

Despite opening weakly, the Nifty showed remarkable resilience and staged a strong intraday recovery, closing just below the psychological 25,000 mark at 24,971.90, down 140.5 points. This rebound highlights solid buying interest at lower levels, reflecting underlying market strength despite global uncertainties. Technically, the index respected its key support zone of 24,750–24,700, which remains a crucial area to watch going forward. On the upside, the 25,200–25,230 zone continues to act as a stiff resistance. A decisive close above this resistance range could trigger further upside momentum, potentially taking the index towards new highs in the near term. The overall trend remains bullish as long as the index holds above its key support levels, with short-term dips offering potential buying opportunities. Market participants will now look toward global cues and upcoming domestic triggers to guide near-term direction.

Nifty Bank recovered sharply from intraday lows to close just above the 56,000 mark at 56,059.35, down 193.5 points. The rebound reflects strong buying interest at lower levels, suggesting underlying strength. However, for further momentum to build, a decisive breakout above the 56,100–56,300 zone is essential. On the downside, key support is placed at 55,400–55,350, which traders should closely watch in the near term.

From an institutional perspective, Foreign Institutional Investors (FIIs) were net buyers on June 23, purchasing equities worth Rs.5,591 crores. Meanwhile, Domestic Institutional Investors (DIIs) remained sellers, selling equities worth Rs.1,874 crores.

Given the current environment of heightened volatility and uncertainty, investors should remain cautiously optimistic. The recent recovery in both Nifty and Bank Nifty indicates strong buying interest at lower levels, but a decisive breakout above key resistance zones—25,200 for Nifty and 56,300 for Bank Nifty—is still required for sustained upside. Investors can consider holding their existing long positions with a strict stop-loss near the crucial support levels of 24,800 on the Nifty and 55,800 on the Bank Nifty.

Above views are of the author and not of the website kindly read disclaimer