Nifty reclaims 24,000, resistance seen near 24,200

Indian equities rallied on Wednesday as Nifty 50 climbed 198 points to 24,022 and Sensex added 791 points to 76,991, helped by gains in banking and IT stocks, softer crude and optimism around an India US trade deal.

Investor focus now shifts to Thursday’s session, with analysts flagging 24,140–24,200 as the next resistance zone for Nifty and support clustered around 23,800–23,900.

Market overview

Index	24 Jun Close	Move & % Change	Comments
Sensex	76,991	+791 pts (+1.0%)	Financials and IT led gains; closed near intraday high.
Nifty 50	24,022	+198 pts (+0.8%)	Reclaimed 24,000 after prior session decline.
Nifty Midcap	approx. 62,135	+65 pts (approx. +0.1%)	Midcaps lagged large caps.
Nifty Smallcap	NA	+0.39%	Outperformed midcaps but trailed headline indices.
India VIX	13.34	-4% (approx.)	Volatility eased, supporting risk appetite.

• Total BSE market cap rose by over ₹1 lakh crore to about ₹476 lakh crore.
• Advance-decline on NSE was near balanced, with 1,735 advances and 1,566 declines.
• Domestic sentiment improved after the previous session’s selloff linked to South Korea’s Kospi fall.

Key movers

Top gainers

Stock	Sector	Notable Factor
InterGlobe Aviation (IndiGo)	Aviation	Market cap returned to ₹2 lakh crore after recovery.
Trent	Retail	Among top index gainers, up around 4%.
Tech Mahindra	IT	Rose nearly 3%, aided by sector-wide buying.
Bajaj Finance	NBFC	Gained about 3%, boosted financials’ contribution.
ICICI Bank	Banking	Heavyweight; strong gains supported indices.
Infosys	IT	Key contributor as Nifty IT jumped over 2%.

• Nifty IT strengthened after upgrades on multiple IT stocks by a brokerage.
• JSW Infrastructure, M&M Financial Services, OFSS, Exide and HPCL led midcap gains.
• Tata Motors commercial vehicles rose over 2% on a positive FY28 outlook.

Top losers

Stock	Sector	Notable Factor
NTPC	Utilities	Among major Nifty losers, down close to 2%.
Maruti Suzuki	Auto	Declined nearly 2% despite broader market gains.
Tata Steel	Metals	Fell about 2%, weighing on metal index.
Bharat Electronics	Defence	Declined close to 2%.
IRFC	PSU Finance	Dropped over 5% after 2% government OFS at ₹91.
MTAR Technologies	Defence	Led losses in Nifty India Defence index.

• Nifty India Defence was the top losing sectoral index.
• Stocks like GE T&D India, ABB Power and Data Patterns saw notable selling pressure.

Sectoral action

Sector/Index	Direction (approx.)	Key Drivers
Nifty IT	up about 2%	Upgrades on IT names, stronger dollar, AI capability bets.
Nifty Private Bank	up about 2%	Gains in ICICI Bank, HDFC Bank; improved funding outlook.
Financial Services	up over 1.5%	Strong credit growth expectations.
Realty	up (unspecified)	Led sectoral advance; Oberoi Realty gained on RERA nod.
Auto	down (unspecified)	One of two sectors closing negative.
Metal	down (unspecified)	Dragged by Tata Steel and others.
Downstream OMCs	up (unspecified)	Benefited from Brent crude slipping below $76.
Upstream oil	down (unspecified)	Weighed by lower crude prices.

• Nifty Bank jumped over 1.5% or 967 points to about 58,150, with all constituents except Canara Bank higher.
• Realty, IT and Private Bank indices led gains; Auto and Metal closed in the red.
• Mid and small caps rose but underperformed large caps.

Technical outlook for Nifty 50

Statistic	Value / Range	Context
Immediate resistance	24,140–24,170	Coincides with 100-day EMA, per SBI Securities.
Next resistance zones	24,300 and 24,450	Potential pullback targets if resistance is cleared.
Extended resistances	24,500 and 24,800	Higher targets cited by some analysts.
Key hurdle	24,150–24,200	Widely watched zone for near-term upside.
Immediate support	23,900–23,870	First downside band highlighted by multiple houses.
Lower support	23,800	Seen as critical; also June 15 gap support.
Moving averages	20- and 50-EMA reclaimed	Signals improved short-term setup.

• Nifty formed a sizeable bullish candle and reclaimed the 50-day EMA on daily charts.
• RSI turned higher, indicating improved momentum and buying interest.
• Analysts note strong demand near the 20-EMA on the daily chart.
• One view sees scope for a move towards 24,500–24,600 if 24,150–24,200 is crossed.
• Another pegs resistance at 24,190, with support shifting higher to 23,800.
• 24,150 is widely cited as the key near-term hurdle; 23,900 remains an important floor.

• “The Nifty’s rebound from the June 15 gap support indicates renewed strength and could pave the way for a move towards 24,150–24,200 initially, with the possibility of extending gains towards 24,500–24,600.”

– Nagaraj Shetti, Technical Analyst, HDFC Securities

Macro and global cues

Market/Asset	Movement	Notes
S&P 500	+0.4%	Rose as oil prices declined; investors eyed Micron results.
Nasdaq Composite	+0.4%	Tracked broader US gains.
Dow Jones	+0.4%	Added 212 points.
Brent crude	around -1% to ~$76	Near four-month low; relief for importers like India.
WTI crude	more than -1% to ~$72	Fell on easing Strait of Hormuz concerns.
USD/INR	Rupee weaker to 94.90	Dollar index at one-year high; rupee under pressure.

• Oil eased as more tankers in the Gulf were expected to resume transit.
• US and Iran made progress in talks, reducing fears of supply disruption.
• Lower crude is seen as positive for India’s trade deficit and inflation path.

Policy, flows and trade deal signals

Statistic	Value / Change	Context
DIIs net buying	₹3,637 crore	Offset FII selling of ₹1,843 crore on June 24.
FPIs / FIIs	Net buying of about ₹18 crore	Selling intensity has tapered, per exchange data.
India VIX	13.34	Drop of over 4% signalled lower perceived risk.

• RBI Governor Sanjay Malhotra said further rate hike talks may be premature.
• He noted the RBI is monitoring second-round effects of higher oil on inflation.
• “We do not see signs of inflation generalizing yet.”

– Sanjay Malhotra, RBI Governor

• RBI’s easing of access to FCNR deposits and ECBs has reduced funding concerns for banks.
• A senior US official indicated India and the US are “very close” to a bilateral trade deal.
• The proposed agreement is expected to provide reciprocal market access.
• S&P Global Ratings projected India’s GDP growth at 6.6% for the current fiscal, down from 7.7% in 2025-26.

Trade setup for June 25

• Nifty’s key intraday resistance is seen at 24,150–24,200; a break could target 24,300–24,450.
• On the downside, support lies at 23,900–23,870, then 23,800.
• Some analysts also reference the June 15 gap zone as a strong demand area.
• Stocks likely in focus include Bharti Airtel, Reliance Industries, HCLTech, IRFC and Bharat Forge.
• Market participants will track crude prices, southwest monsoon progress and India US trade negotiations.

Frequently Asked Questions

What are the key Nifty support and resistance levels for June 25?

Analysts see immediate resistance around 24,140–24,200 and higher hurdles near 24,300–24,450, with extended levels at 24,500–24,600. Support is placed in the 23,900–23,870 band, with a stronger floor near 23,800.

Which sectors led the market rally on June 24?

IT, private banks, financial services and realty led gains. Nifty IT rose over 2%, while Nifty Bank and private bank indices climbed around 1.5–2%. Auto and metal indices were the only major sectors to end lower.

How did crude oil and global cues influence Indian markets?

Brent crude fell towards $75–76 per barrel as US Iran tensions eased and Strait of Hormuz traffic improved, reducing macro headwinds for India. US equities also advanced about 0.4%, supporting risk sentiment in domestic markets.