Technical Market Commentary for June 18th, 2026 by Mr Jatin Gedia, Vice President - Teji Mandi
Below the Quote June 2026 by Mr Jatin Gedia, Vice President – Technical Research at Teji Mandi
Nifty continued its upward trend for the fifth consecutive day, closing with gains of 82 points (0.34%). Traders are buying into intraday dips towards the 8 hour EMA. For the upcoming session, dips towards 24100 - 24080 ( 8 HEMA) can be bought into for positional upside towards 24400 - 24500. Support base shifts higher towards 24000 - 23950. Sectorally, cement and power sector stocks which have lagged in the current rally look positive for a near term upmove. Since Nifty has rallied over 1000 points in the last five trading sessions, traders should use a trailing stoploss on their long positions.
Bank Nifty has broken out of a three day consolidation on the upside, suggesting the resumption of the upmove after a brief pause. It is likely to head higher towards 58800 - 59000. Support base is placed at 57100 - 57000. On the options chain, the 58000 PE added huge open interest implying support buildup, while the 57500 CE saw huge unwinding, both suggest a bullish bias. Considering, the Technical structure and the derivative data points we expect the upmove in the bank nifty to continue.
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