The Indian stock markets are likely to have a muted opening amid mixed global trends and caution around the US-Iran peace agreement. GIFT Nifty also indicates a flat start at 24,129, with a 5-point premium over its previous Nifty futures close.
On Monday, the Sensex rose 291.17 points or 0.38% to settle at 77,094.07, while the Nifty 50 settled 89.80 points, or 0.37%, to close at 24,102.90.
The Indian rupee opened flat at Rs. 94.69 per dollar on Tuesday versus the previous close of Rs. 94.68.
Foreign Institutional Investors (FIIs) remained net sellers in Indian equities on June 22, 2026. FIIs net sold shares worth Rs. 636 crore, while DIIs net bought Rs. 1,036 crore.
Technically, the Sensex formed a double top pattern on intraday charts and a small candle on daily charts, indicating indecision.
“For day traders, 77,300 and 77,500 would act as immediate resistance zones, while 76,800 would serve as a key support area. On the higher side, above 77,500, the market could rally to 77,800-78,000. On the flip side, below 76,800, we could see a quick intraday correction to 76,500-76,400. The intraday market texture is non-directional; hence, level-based trading would be the ideal strategy for the day traders," said Shrikant Chouhan, Head of Equity Research at Kotak Securities, while commenting on the current market conditions.
The Nifty 50 formed a doji candle with a higher high and a higher low, indicating continuation of the positive momentum. However, profit booking near last week's high of 24,189 prevented the index from sustaining its intraday gains.
"Going ahead, a decisive move above last week's high of 24,189 could reignite momentum and pave the way for an advance towards the 24,300 levels in the coming sessions. Failure to do so will lead to some consolidation amid stock-specific action in the range of 23,900-24,189," explained Bajaj Broking Research.
Immediate support for the Nifty is placed in the 23,900-23,800 range, which coincides with the previous Monday's gap area and the 50-day EMA. A stronger support zone is seen between 23,500 and 23,600, while the major resistance on the upside is placed near the 24,600 levels.
On Monday, Bank Nifty rose 249.85 points or 0.43% to close at 57,935.60, forming a small-bodied candle on the daily chart.
Going ahead, Bajaj Broking expects a decisive move above the recent highs towards the 58,300 and 59,250 levels in the coming sessions. These targets are based on the recent range breakout and the 138.2% external retracement of the previous decline from 57,456 to 52,783.
"However, we believe the overall structure is positive, and any dips should be used to accumulate quality banking stocks in a staggered manner. Key support is placed at 56,000 levels, being the confluence of the 38.2% retracement of the entire pullback 53,027-57,954 and the recent breakout area," shared the brokerage firm giving a sneak peek into the market scenario.
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