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Nifty 50 is under pressure. The Indian benchmark index is down about a per cent and is currently trading at 24,868. The escalating geopolitical tensions after the weekend strike on Iran by the US is weighing on the market sentiment. The advances/declines ratio is at 3:47. This is clearly negative. We need to wait and watch how the index settles down for the day.
Nifty (24,868) has series of intraday supports at 24,840, 24,800 and 24,750. Ideally, the index has to decline below 24,750 to come under more pressure for a fall to 24,550-24,500 again. If it manages to sustain above 24,750, there are good chances to see a strong bounce back move during the week.
Resistance is around 24,930. A strong break above it will give some breather. That in turn can take the Nifty up to 25,000,25,100 again. It will also negate the danger of seeing the fall to 25,500 mentioned above.
The Nifty 50 June Futures (24,850) is down one per cent. The contract has support in the 24,800-24,780 region. A break below 24,780 can drag the contract down to 24,600-24,550 in the coming sessions.
On the other hand, if the contract manages to bounce back from the 24,800-24,780 support zone, then a rise to 25,000 can be seen.
As such the price action in the 24,800-24,780 support zone will need a close watch today.
Traders can stay out of the market now. Wait and watch what happens to the 24,800-24,780 support zone and then take trades accordingly.
Supports: 24,780, 24,600
Resistances: 24,980, 25,050
Published on June 23, 2025
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