{"id":15109,"date":"2026-06-17T00:41:07","date_gmt":"2026-06-17T00:41:07","guid":{"rendered":"https:\/\/lemonn.co.in\/blog\/finance\/nifty-near-24000-it-crude-rally-2026-06-17\/"},"modified":"2026-06-17T00:42:32","modified_gmt":"2026-06-17T00:42:32","slug":"nifty-near-24000-it-crude-rally-2026-06-17","status":"publish","type":"post","link":"https:\/\/lemonn.co.in\/blog\/market-updates\/nifty-near-24000-it-crude-rally-2026-06-17\/","title":{"rendered":"Nifty closes just below 24,000 as IT leads three-day rally"},"content":{"rendered":"
\"Nifty<\/figure>\n\n\n

The Nifty 50 rose 135 points<\/strong> to close at 23,989<\/strong> on Tuesday, extending its advance for a third straight session as IT stocks rallied and lower crude prices, along with easing US\u2013Iran tensions, supported risk appetite. The Sensex gained 544 points<\/strong> to end at 76,809<\/strong>, although heavy call writing near 24,000<\/strong> kept the Nifty capped below the psychological mark.<\/p>\n\n\n\n

Market overview<\/h2>\n\n\n\n
Index<\/strong><\/th>16 Jun Close<\/strong><\/th>Move & % Change<\/strong><\/th>Comments<\/strong><\/th><\/tr><\/thead>
Nifty 50<\/strong><\/td>23,989.15<\/strong><\/td>+135.25 pts (+0.57%)<\/strong><\/td>Third straight gain, closed just under 24,000 resistance.<\/td><\/tr>
Sensex<\/strong><\/td>76,808.48<\/strong><\/td>+544.15 pts (+0.71%)<\/strong><\/td>Up about 4% over three sessions on easing war worries.<\/td><\/tr>
Bank Nifty<\/strong><\/td>57,297<\/strong><\/td>+98 pts (+0.17%)<\/strong><\/td>Traded in narrow 323 point range, smallest since Feb 2026.<\/td><\/tr>
Nifty Midcap 100<\/strong><\/td>61,802<\/strong> (approx.)<\/td>up 0.4%<\/strong><\/td>Continued to consolidate, still closed positive.<\/td><\/tr>
Nifty Smallcap 100<\/strong><\/td>n.a.<\/td>up 0.4%<\/strong><\/td>Narrow-range trade, extended gains for second session.<\/td><\/tr>
India VIX<\/strong><\/td>13.40<\/strong><\/td>-7%<\/strong><\/td>Volatility eased sharply, signalling calmer near-term expectations.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Note: figures are approximate; final exchange data not available at time of publication.<\/p>\n\n\n\n

    \n
  • Three-session rally lifted Nifty about 4%<\/strong> from recent lows.<\/li>\n\n\n\n
  • Broader markets advanced, but participation was more measured than in largecaps.<\/li>\n\n\n\n
  • Market breadth on NSE stayed positive, with advances outnumbering declines roughly 3:2.<\/li>\n<\/ul>\n\n\n\n

    Key movers<\/h2>\n\n\n\n
    Top Gainers<\/strong><\/th>Sector<\/strong><\/th>Notable Factor<\/strong><\/th><\/tr><\/thead>
    HCLTech<\/strong><\/td>IT<\/td>Jumped nearly 4% after buying 10.5% in Sarvam AI for \u20b91,427.25 crore.<\/td><\/tr>
    Tata Consumer Products<\/strong><\/td>FMCG<\/td>Featured among top Nifty gainers in a defensives-led move.<\/td><\/tr>
    Reliance Industries<\/strong><\/td>Energy & telecom<\/td>Among largest contributors to Nifty gains on heavy turnover.<\/td><\/tr>
    Hindustan Unilever<\/strong><\/td>FMCG<\/td>Supported index as investors favoured consumption names.<\/td><\/tr>
    Bandhan Bank<\/strong><\/td>Banking<\/td>Rose over 2% after approving \u20b9304 crore NPA sale to ARC.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
    Top Losers<\/strong><\/th>Sector<\/strong><\/th>Notable Factor<\/strong><\/th><\/tr><\/thead>
    General Insurance Corporation of India<\/strong><\/td>Insurance<\/td>Fell over 7% after government announced up to 5% stake sale at discount.<\/td><\/tr>
    Nalco<\/strong><\/td>Metals<\/td>Dropped around 4% as aluminium prices weakened.<\/td><\/tr>
    Hindalco Industries<\/strong><\/td>Metals<\/td>Declined over 3% amid global metal price pullback.<\/td><\/tr>
    JSW Steel<\/strong><\/td>Metals<\/td>Among biggest Nifty laggards on sector-wide pressure.<\/td><\/tr>
    Meesho<\/strong><\/td>Internet<\/td>Slipped nearly 4% from highs after 2.7 crore-share block deal.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
      \n
    • Oil marketing firms IOC<\/strong>, HPCL<\/strong>, BPCL<\/strong> recovered, each up nearly 1% as Brent slipped below 82 dollars.<\/li>\n\n\n\n
    • Petronet LNG<\/strong> and GAIL<\/strong> gained after Qatar signalled a rapid LNG production restart.<\/li>\n\n\n\n
    • Bondada Engineering<\/strong> climbed over 3% on a \u20b91,338 crore<\/strong> order from NTPC Renewable Energy.<\/li>\n\n\n\n
    • FACT, Coforge, Suzlon Energy, SBI Card and Prestige Estates outperformed in the midcap space.<\/li>\n<\/ul>\n\n\n\n

      Sectoral action<\/h2>\n\n\n\n
      Sector\/Index<\/strong><\/th>Direction (approx.)<\/strong><\/th>Key Drivers<\/strong><\/th><\/tr><\/thead>
      Nifty IT<\/strong><\/td>up, sector leader<\/td>Follow-through buying, HCLTech deal boosted sentiment.<\/td><\/tr>
      Nifty Realty<\/strong><\/td>up<\/td>Benefited from risk-on mood and softer yields expectations.<\/td><\/tr>
      Nifty FMCG<\/strong><\/td>up<\/td>Defensive interest, Tata Consumer and HUL among gainers.<\/td><\/tr>
      Oil & Gas \/ OMCs<\/strong><\/td>up<\/td>Brent below 82 dollars, LNG restart hopes aided select names.<\/td><\/tr>
      Nifty Metal<\/strong><\/td>down<\/td>Hit by pullback in global metal prices and easing supply worries.<\/td><\/tr>
      Nifty Healthcare<\/strong><\/td>down<\/td>Witnessed profit booking after recent outperformance.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
        \n
      • Buying was broad-based across IT, realty, FMCG and oil & gas, according to market participants.<\/li>\n\n\n\n
      • Metals and some PSU banking names faced selling, capping index upside.<\/li>\n<\/ul>\n\n\n\n

        Technical outlook on Nifty and Bank Nifty<\/h2>\n\n\n\n
          \n
        • Nifty has rallied over 800 points (about 3.5%)<\/strong> in three sessions, yet failed to decisively clear 24,000<\/strong>.<\/li>\n\n\n\n
        • The index hit recent intraday highs near 23,978<\/strong> on Tuesday and 24,011<\/strong> on Monday before profit booking.<\/li>\n\n\n\n
        • Heavy call writing is reported at 24,000<\/strong> and 24,100<\/strong> strikes, creating a near-term ceiling.<\/li>\n<\/ul>\n\n\n\n
            \n
          • Key resistance zones cited by analysts:<\/li>\n<\/ul>\n\n\n\n

            – 24,000 to 24,100<\/strong> as immediate hurdle.<\/p>\n\n\n\n

            – 24,040 to 24,060<\/strong> as intraday resistance band.<\/p>\n\n\n\n

            – A sustained move above 24,050\u201324,100<\/strong> could open 24,200\u201324,500<\/strong>.<\/p>\n\n\n\n

              \n
            • Key support zones highlighted:<\/li>\n<\/ul>\n\n\n\n

              – 23,900<\/strong> as first support, followed by 23,700<\/strong>.<\/p>\n\n\n\n

              – 23,790\u201323,810<\/strong> seen as crucial band.<\/p>\n\n\n\n

              – Stronger support near 23,650\u201323,600<\/strong>, aligning with the 20-day EMA and prior gap.<\/p>\n\n\n\n

                \n
              • Nifty continues to trade above its 20-day EMA and has broken out of a falling channel, keeping the broader recovery structure intact.<\/li>\n\n\n\n
              • On hourly charts, the index is holding above the 20-EMA, indicating a positive short-term trend, though choppy action is expected.<\/li>\n<\/ul>\n\n\n\n
                  \n
                • Bank Nifty technicals:<\/li>\n<\/ul>\n\n\n\n

                  – Traded in a tight 323 point<\/strong> range on Tuesday.<\/p>\n\n\n\n

                  – Immediate hurdle at 57,700\u201357,800<\/strong>; a breakout above 57,800<\/strong> could target 58,500<\/strong>.<\/p>\n\n\n\n

                  – Support lies at 56,800\u201356,700<\/strong>; holding this zone is key for maintaining the positive bias.<\/p>\n\n\n\n

                  Derivatives positioning and strategy cues<\/h2>\n\n\n\n
                    \n
                  • In Nifty options for near expiries:<\/li>\n<\/ul>\n\n\n\n

                    – Highest call open interest at 24,000<\/strong>, followed by 24,100<\/strong>, signalling strong resistance.<\/p>\n\n\n\n

                    – Significant put open interest at 23,900<\/strong> and 23,800<\/strong>, indicating layered support.<\/p>\n\n\n\n

                    – Another data set shows highest put OI at 23,500<\/strong>, then 23,800<\/strong>, suggesting a broader support base.<\/p>\n\n\n\n

                      \n
                    • One brokerage highlighted an at-the-money option premium near \u20b9396<\/strong>, implying a likely weekly trading range between 23,300<\/strong> and 24,500<\/strong>.<\/li>\n<\/ul>\n\n\n\n
                        \n
                      • For the 23 June 2026 expiry, a moderately bullish bull call spread<\/strong> was recommended:<\/li>\n<\/ul>\n\n\n\n

                        – Buy one lot 24,000 Call<\/strong> at \u20b9135\u2013\u20b9155<\/strong>.<\/p>\n\n\n\n

                        – Sell one lot 24,300 Call<\/strong> at \u20b957\u2013\u20b968<\/strong>.<\/p>\n\n\n\n

                        – Break-even around 24,083<\/strong>.<\/p>\n\n\n\n

                        – Maximum potential loss about \u20b95,395<\/strong>, maximum potential profit about \u20b914,105<\/strong>.<\/p>\n\n\n\n

                        Global cues and macro backdrop<\/h2>\n\n\n\n
                        Market\/Asset<\/strong><\/th>Movement<\/strong><\/th>Notes<\/strong><\/th><\/tr><\/thead>
                        US equities (Dow)<\/strong><\/td>up, record intraday<\/td>Helped by sliding oil prices and optimism over US\u2013Iran peace deal.<\/td><\/tr>
                        European equities<\/strong><\/td>modestly higher<\/td>DAX, FTSE, CAC, STOXX 600 extended gains on de-escalation hopes.<\/td><\/tr>
                        Brent crude<\/strong><\/td>below 81\u201382 dollars<\/td>Lowest since early March, easing India inflation and import bill worries.<\/td><\/tr>
                        USD\/INR<\/strong><\/td>\u20b994.3\u201394.6 per dollar<\/strong><\/td>Rupee strengthened from 94.71, aided by softer crude and risk-on mood.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                        Note: figures are approximate; final market data not available at time of publication.<\/p>\n\n\n\n

                          \n
                        • Market sentiment improved on reports of progress toward a US\u2013Iran peace framework and potential reopening of the Strait of Hormuz.<\/li>\n\n\n\n
                        • Lower crude prices and a firmer rupee provided relief on external and inflation risks.<\/li>\n\n\n\n
                        • Investors are tracking the upcoming US Federal Reserve policy decision, where rates are expected to be held, but guidance on inflation and growth remains key.<\/li>\n<\/ul>\n\n\n\n

                          Key market statistics<\/h2>\n\n\n\n
                          Statistic<\/strong><\/th>Value\/Change<\/strong><\/th>Context<\/strong><\/th><\/tr><\/thead>
                          FII flows (provisional)<\/strong><\/td>\u20b9749.18 crore net selling<\/strong><\/td>Foreign investors resumed sales after a one-day pause.<\/td><\/tr>
                          DII flows (provisional)<\/strong><\/td>\u20b90.06 crore net buying<\/strong><\/td>Domestic institutions largely stayed on the sidelines.<\/td><\/tr>
                          Advance\/Decline (NSE)<\/strong><\/td>approx. 1,956 \/ 1,356<\/td>Sentiment meter favoured bulls, with more stocks advancing.<\/td><\/tr>
                          India VIX<\/strong><\/td>13.40, down 7%<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
                            \n
                          • Despite FII selling, domestic liquidity and retail participation helped sustain the uptrend.<\/li>\n\n\n\n
                          • Active counters by turnover included Reliance Industries<\/strong>, HDFC Bank<\/strong>, ICICI Bank<\/strong>, Suzlon Energy and Netweb Technologies.<\/li>\n\n\n\n
                          • Vodafone Idea, Suzlon Energy and Yes Bank led in traded volumes on NSE.<\/li>\n<\/ul>\n\n\n\n

                            Q: Why is Nifty 50 struggling to break above 24,000?<\/strong><\/p>\n\n\n\n

                              \n
                            • Heavy call writing at 24,000\u201324,100<\/strong> strikes is creating a supply zone.<\/li>\n\n\n\n
                            • Traders remain cautious near the psychological level ahead of weekly expiry.<\/li>\n\n\n\n
                            • Multiple analysts see 24,000\u201324,050<\/strong> as the immediate hurdle that must be cleared on a closing basis.<\/li>\n<\/ul>\n\n\n\n

                              Frequently Asked Questions<\/h2>\n\n\n\n

                              What key levels should Nifty traders watch in the near term?<\/h3>\n\n\n\n

                              Analysts flag resistance at 24,000\u201324,100, with potential upside to 24,200\u201324,500 on a sustained breakout. Supports are seen at 23,900, then 23,800 and 23,650\u201323,600 on deeper dips.<\/p>\n\n\n\n

                              How are derivatives positioning around Nifty 24,000?<\/h3>\n\n\n\n

                              Options data show heavy call open interest at 24,000 and 24,100, while puts are concentrated at 23,900, 23,800 and 23,500, indicating strong resistance overhead and layered support below.<\/p>\n\n\n\n

                              Which sectors are driving the current Nifty rally?<\/h3>\n\n\n\n

                              IT, realty, FMCG and select oil & gas names are leading gains, supported by easing crude prices and improved global risk sentiment, while metals and some healthcare stocks are under pressure.<\/p>\n","protected":false},"excerpt":{"rendered":"

                              The Nifty 50 rose 135 points to close at 23,989 on Tuesday, extending its advance for a third straight session as IT stocks rallied and lower crude prices, along with easing US\u2013Iran tensions, supported risk appetite. The Sensex gained 544 points to end at 76,809, although heavy call writing near 24,000 kept the Nifty capped […]<\/p>\n","protected":false},"author":15,"featured_media":15112,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_ayudawp_aiss_exclude":false,"_ayudawp_aiss_summary":"The Sensex gained 544 points to end at 76,809, although heavy call writing near 24,000 kept the Nifty capped below the psychological mark. Bank Nifty technicals:. - Traded in a tight 323 point range on Tuesday. - Immediate hurdle at 57,700\u201357,800; a breakout above 57,800 could target 58,500. - Support lies at 56,800\u201356,700; holding this zone is key for maintaining the positive bias. In Nifty options for near expiries:. - Highest call open interest at 24,000, followed by 24,100, signalling strong resistance. - Significant put open interest at 23,900 and 23,800, indicating layered support. - Another data set shows highest put OI at 23,500, then 23,800, suggesting a broader support base.","_ayudawp_aiss_summary_provider":"extractive","_ayudawp_aiss_summary_hash":"6e081045fc42cc754cb46b13bfd093b28f9d3c7c","footnotes":""},"categories":[512],"tags":[],"class_list":["post-15109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-updates"],"blocksy_meta":[],"uagb_featured_image_src":{"full":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nifty-near-24000-it-crude-rally-2026-06-17-banner.png",1200,640,false],"thumbnail":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nifty-near-24000-it-crude-rally-2026-06-17-banner-150x150.png",150,150,true],"medium":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nifty-near-24000-it-crude-rally-2026-06-17-banner-300x160.png",300,160,true],"medium_large":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nifty-near-24000-it-crude-rally-2026-06-17-banner-768x410.png",768,410,true],"large":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nifty-near-24000-it-crude-rally-2026-06-17-banner-1024x546.png",1024,546,true],"1536x1536":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nifty-near-24000-it-crude-rally-2026-06-17-banner.png",1200,640,false],"2048x2048":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nifty-near-24000-it-crude-rally-2026-06-17-banner.png",1200,640,false],"web-stories-poster-portrait":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nifty-near-24000-it-crude-rally-2026-06-17-banner-640x640.png",640,640,true],"web-stories-publisher-logo":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nifty-near-24000-it-crude-rally-2026-06-17-banner-96x96.png",96,96,true],"web-stories-thumbnail":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nifty-near-24000-it-crude-rally-2026-06-17-banner-150x80.png",150,80,true]},"uagb_author_info":{"display_name":"Team Lemonn","author_link":"https:\/\/lemonn.co.in\/blog\/author\/yudh\/"},"uagb_comment_info":0,"uagb_excerpt":"The Nifty 50 rose 135 points to close at 23,989 on Tuesday, extending its advance for a third straight session as IT stocks rallied and lower crude prices, along with easing US\u2013Iran tensions, supported risk appetite. The Sensex gained 544 points to end at 76,809, although heavy call writing near 24,000 kept the Nifty capped…","_links":{"self":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/15109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/comments?post=15109"}],"version-history":[{"count":1,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/15109\/revisions"}],"predecessor-version":[{"id":15113,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/15109\/revisions\/15113"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media\/15112"}],"wp:attachment":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media?parent=15109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/categories?post=15109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/tags?post=15109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}