Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 24 after Israel-Iran ceasefire

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Tuesday tracking positive sentiment in global markets after US President Donald Trump announced that Israel and Iran have agreed to a ceasefire.

The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 25,206 level, a premium of nearly 212 points from the Nifty futures’ previous close.

Trump said a “Complete and Total CEASEFIRE” had been agreed upon between Israel and Iran. However, Iran’s Foreign Minister Abbas Araghchi said there was currently no ceasefire agreement with Israel, but said Iran would halt its military response if Israel stopped its strikes on Iran by 4 a.m. local time there.

On Monday, the domestic equity market ended with sharp losses, with the benchmark Nifty 50 slipping below the 25,000 level.

The Sensex crashed 511.38 points, or 0.62%, to close at 81,896.79, while the Nifty 50 settled 140.50 points, or 0.56%, lower at 24,971.90.

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty 50 Prediction

Nifty 50 slipped into weakness on June 23 and closed the day lower by 140 points, forming a small green candle on the daily chart with minor upper and lower shadow beside the long bull candle of Friday.

“Technically, this market action indicates presence of strong hurdle around 25,100 - 25,200 levels, which has been a broader high low range for the Nifty 50 over the last one month. In the previous few occasions the Nifty 50, by not surpassing the crucial resistance of upper range at 25,100 - 25,200 levels, has eventually slid down towards the lower range support of 24,500 levels. But, currently though faced resistance around the upper range this time, the chances of it moving down to the lower range of 24,500 could be less,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, as long as the Nifty 50 stays below the hurdle of 25,100 - 25,200 levels, there is a possibility of choppiness in the market, while a decisive move above this hurdle could only open renewed buying enthusiasm in the market. Further consolidation from here could find strong support around 24,800 levels.

Om Mehra, Technical Research Analyst, SAMCO Securities said that the Relative Strength Index (RSI) remains broadly neutral around 55, the MACD remains in negative territory, and the histogram continues to display red bars, indicating that the recent up move lacks follow-through and suggests the continuation of a consolidation phase. The index is still trading above both the 20-day and 50-day EMAs, which are gradually sloping upwards.

“Nifty 50 is likely to continue consolidating unless a clear breakout occurs. A sustained move above 25,225 would confirm bullish strength and could lead to further upside, whereas a breakdown below 24,700 might trigger a deeper corrective phase. Until then, expect the index to move sideways with a slight bullish undertone,” said Mehra.

Dr. Praveen Dwarakanath, Vice President of Hedged.in, noted that the Nifty 50 formed another doji candle in the range of 24,500 and 25,200 levels after huge volatility during the day.

“The options writers’ data for the 26th June expiry showed a range-bound move in the index for the present weekly expiry. The index is forming higher lows and lower highs, indicating a sideways trend in the index. The ADX DI+ and the ADX DI- lines crisscross each other, suggesting no clear trend in the index. The immediate resistance for the index is at the 25,200 level, a rally to this level can be an opportunity to go short with a target of 24,800 - 24,500 level,” said Dwarakanath.

VLA Ambala, Co-Founder of Stock Market Today expects Nifty 50 to gather support between 24,850 and 24,720, and meet resistance between 25,080 and 25,210 in today’s market session.

Bank Nifty Prediction

Bank Nifty index declined 193.50 points, or 0.34%, to close at 56,059.35 on Monday, and formed a bull candle which remained enclosed inside previous session price range signaling consolidation amid rise in geopolitical tensions.

“Bank Nifty index is expected to maintain positive bias and head towards 56,700 and 57,400 levels in the coming weeks. Immediate bias remains positive above 55,400 levels being the confluence of recent consolidation area and last week low. The daily stochastic remains in uptrend, thus validating positive bias. Key support is placed at 54,500 - 54,000 levels being the confluence of 50 days EMA and key retracement level of the previous up move,” said Bajaj Broking Research.

Om Mehra highlighted that the Bank Nifty index continues to trade within a tight range between 55,500 and 56,330, with the day’s candle reflecting indecision and a lack of follow-through buying at higher levels.

“The RSI is placed at 55, indicating a neutral stance with no clear directional momentum. On the hourly chart, the middle Bollinger Band is acting as short-term support, while the broader base around 55,500 remains well protected. Bank Nifty continues to trade above both the 20 EMA and 50 EMA, which are positively sloped, suggesting that the medium-term trend remains bullish despite the recent consolidation. A decisive close above 56,400 would signal strength and may trigger a fresh upward move,” Mehra said.

On the downside, he believes, a break below 55,500 could lead to further weakness, potentially reaching 55,100. Until a breakout occurs, expect price action to remain range-bound with a milder tilt towards positive outlook.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.