Stock Market Highlights Today: Nifty holds 24,000, can bulls extend rally? – 18th June 2026

Indian equities paused after a four-session rebound on Thursday, with the Nifty 50 hovering just below 24,050 as IT stocks slipped following a hawkish US Federal Reserve signal, while lower crude prices and firm midcaps limited downside.

Market overview

Index	18 Jun 2026 Close (approx.)	Move & % Change	Comments
Nifty 50	24,050	-3 pts (approx. 0%)	Snapped four-day rise, held above 24,000 despite IT pressure.
Sensex	approx. flat	marginal move	Traded flat as IT names weighed, defensives and industrials lent support.
Nifty Midcap 100	not stated	up to +0.3%	Broader market outperformed large caps.
Nifty Smallcap 100	not stated	up to +0.3%	Positive breadth, continued participation in rebound.
India VIX	13.19	-1%	Volatility eased, indicating reduced near-term risk aversion.

Note: figures are approximate; final exchange data not available at time of publication.

• Nifty traded near 24,050, slipping only about 3 points, according to NSE data.
• The index has risen nearly 4.5% in the last 5 sessions, per recent trading ranges.
• Sensex moved in a narrow band, reflecting consolidation after the recent rebound.
• Market breadth on NSE stayed positive: 1,623 advances, 763 declines, 125 unchanged.

Sectoral action

Sector / Index	Direction (approx.)	Key Drivers
Nifty IT	down about 0.75%	Profit taking after recent gains, sector led index losses.
Nifty FMCG	up about 0.4%	Defensive buying as benchmarks paused after rally.
Nifty PSU Bank	up about 0.4%	Benefited from stable rupee and lower crude prices.

Note: figures are approximate; final exchange data not available at time of publication.

• IT was the weakest major sector, extending its recent underperformance versus the headline index.
• FMCG and PSU banks provided some cushion to the benchmarks.
• Midcap and smallcap indices in the green signalled risk appetite beyond frontline IT.

Key movers

Top losers (indicative)

Stock	Sector	Notable Factor
Infosys	IT services	Fell about 1–2.5% as Nifty IT led sectoral declines.
TCS	IT services	Dropped nearly 1–2.5% amid weak sentiment in technology names.
HCLTech	IT services	Slipped 1–2.5% following hawkish Fed tone and sector profit booking.
Tech Mahindra	IT services	Declined 1–2.5%, part of broad-based IT selling.
Wipro	IT services	Traded lower in early deals, tracking sector weakness.

Note: figures are approximate; final exchange data not available at time of publication.

• Nifty IT emerged as the biggest sectoral loser, according to NSE data.
• Selling in large-cap IT names weighed on both Sensex and Nifty.

Top gainers (indicative)

Stock	Sector	Notable Factor
Bharat Electronics (BEL)	Defence electronics	Gained around 1%, supported by bullish RSI and recent recovery.
Trent	Retail	Rose about 1%, bucking weakness in benchmarks.
Larsen & Toubro (L&T)	Capital goods	Added around 1%, aided by ongoing infra and capex optimism.
Sun Pharmaceutical	Pharmaceuticals	Reflected bullish RSI upswing, signalling strengthening momentum.
JSW Steel / Nestle India	Metals / FMCG	Featured in RSI trending up scan, indicating improving price strength.

Note: figures are approximate; final exchange data not available at time of publication.

• BEL showed a strong RSI uptick, with the indicator rising from 41.8 to 53.2.
• Sun Pharmaceutical RSI moved above 50, from 48.98 to 54.57, indicating building momentum.
• JSW Steel, Nestle India, and Tech Mahindra also appeared in the RSI trending up list.

Global cues and macro backdrop

Market / Asset	Movement	Notes
US Federal Reserve policy	Rates unchanged	Dot plot signalled possible rate hike later in 2026.
Brent crude	around 78 USD/bbl	Down from above 95, after US–Iran truce progress.
USD/INR	around 94.52	Rupee stable, supported by lower oil and easing risk aversion.

Note: figures are approximate; final exchange data not available at time of publication.

• The Fed kept rates steady but flagged inflation as “elevated” relative to its 2% goal.
• More policymakers now expect a rate hike later this year, lifting the US 10-year yield to 4.46%.
• The hawkish tone offset some benefit from the ongoing decline in crude prices.
• Brent has fallen from above 95 dollars to about 78–79 dollars, a 15–20% drop in under two weeks.
• Lower crude prices are supportive for India’s import bill, inflation trajectory, and fiscal space.

Nifty outlook and technical levels

• Analysts see the recent move as a recovery leg, with the trend still biased higher.
• Multiple technical views place immediate resistance for Nifty in the 24,400–24,600 zone.
• Akshay Bhagwat, Associate Director, Derivatives Research, JM Financial Services, highlighted a positional target of 24,600.
• He pegged 24,100 as a minor resistance where intraday choppiness could emerge.
• Stronger support for the June series is seen around 23,800, making dips towards that zone potential buying opportunities.
• Anand James, Chief Market Strategist at Geojit Investments, also cited 24,200 as an initial upside objective, followed by 24,300–24,600.
• He said a slip below 23,800 would be needed to “abandon upside hopes”.
• A pullback above 24,060 could signal a return to the uptrend after intraday weakness.
• Vishnu Kant Upadhyay, AVP, Research, Master Capital Services, pointed to a breakout from a falling trendline and reclaiming of key short-term moving averages.
• He identified the 24,400–24,600 band, coinciding with the 200-EMA, as a critical near-term hurdle.
• Upadhyay noted that a move to 25,000 by end-June may be difficult, even with the improved setup.

IT sector under pressure

• Nifty IT remained the key drag on the market despite the broader rebound.
• Bhagwat described Nifty IT as still negative overall, trying to hold 27,500 as support.
• He observed that every recovery attempt in IT has attracted renewed selling.
• His near-term stance on IT is neutral to bearish, with the index still searching for a durable bottom.
• Strategy for June series in IT, as per Bhagwat: sell into rallies rather than buy dips.
• Early trade on Thursday saw TCS, Infosys, Wipro, HCLTech, and Tech Mahindra down nearly 1–3%.

Broader positioning and stock ideas

• The recent rally has been supported by easing geopolitical tensions after progress on a US–Iran truce.
• India VIX near 13 reflects reduced risk aversion and improved investor confidence.
• Foreign institutional selling has tapered, with FIIs recently turning marginal buyers, as per market commentary.
• Some analysts expect Bank Nifty to stay strong with an upward bias, aided by stable rupee and lower oil.
• Bhagwat highlighted Bharat Electronics as a trading idea, with potential upside targets of ₹450 and ₹462 from around ₹429, and a stop-loss at ₹403.
• He also flagged TVS Motor after it established support near ₹3,300, seeing scope for a breakout above ₹3,500 towards ₹3,650–3,700, with ₹3,300 as stop-loss.

Can Nifty test 25,000?

• From around 24,100, Nifty needs roughly 3.8% upside to reach 25,000.
• Vinit Bolinjkar, Head of Research at Ventura, said such a move is achievable if three conditions hold:

– Brent crude sustains below 80 dollars per barrel.

– FII flows continue to improve as macro concerns ease.

– Q1 FY27 earnings commentary remains constructive.

• He expects Nifty could test the 24,700–25,000 zone over the coming weeks if crude stays benign and global risk appetite remains firm.
• Sustaining above 25,000 would require stronger earnings visibility and continued foreign inflows.
• Upadhyay cautioned that the US–Iran truce is not yet formally signed, leaving room for renewed crude volatility.
• He also cited risks from a stronger US dollar, potential domestic growth disappointments, Q1 FY27 earnings concerns, and inflation pressures.

FAQ

Q: Why did Nifty struggle to extend gains today despite lower crude prices?

• IT stocks led declines after a hawkish US Fed tone, offsetting support from softer Brent crude and firm midcaps.

Q: What are the key Nifty support and resistance levels traders are watching?

• Analysts highlight support near 23,800 and resistance in the 24,400–24,600 zone, with 24,000 as an intraday pivot.

Q: How is the IT sector positioned compared with the broader market?

• Nifty IT remains weak, with analysts advising selling into rallies, while the broader Nifty trend still favours buying dips toward support.

Frequently Asked Questions

Why did Nifty struggle to extend gains despite lower crude prices?

IT stocks fell after a hawkish US Fed signal, which offset the positive impact of softer Brent crude and firm midcaps, leaving Nifty flat around 24,050.

What are the key Nifty support and resistance levels for traders now?

Analysts see strong support around 23,800 and resistance in the 24,400–24,600 band, with 24,000 acting as an important intraday pivot.

Is the IT sector still a concern for the market outlook?

Yes. Nifty IT is viewed as neutral to bearish, with repeated selling on rallies. Some analysts recommend selling IT rallies while using dips in the broader Nifty as buying opportunities.