Stock Market Outlook For Today, June 24: GIFT Nifty Hints at Positive Start, But Can Nifty Climb Back Above 24,000?
Investors will be hoping for a steadier start to trade on Wednesday after Tuesday’s sharp sell-off. Early indications are that the market may open positively, but such gains may not be enough to ease concerns. . .
Investors will be hoping for a steadier start to trade on Wednesday after Tuesday’s sharp sell-off. Early indications are that the market may open positively, but such gains may not be enough to ease concerns after the benchmark indices closed below critical levels in the last session. The GIFT Nifty was up 51. 5 points or 0. 22 per cent, to 23,862 at 7:18 am. As the Indian markets are set for a potential positive opening – with the Nifty futures trading flat at 23,865. 5 against Tuesday’s closing of 23,810. 5 – the indices could still witness caution as mixed global signals and anticipation ahead of the weekly expiry of the Bank Nifty put pressure on traders. The global market remains nervous given the geopolitical risks and inflation woes. Back home, a rise in interest rates on Monday in the bond markets added pressure. Why Did The Market Fall On Tuesday?Metal and IT stocks came under pressure as investors booked profits following a recent rally on the back of poor data of domestic business activity, monsoon-deficient forecasts and lack of firm indications from major global markets. The BSE Sensex declined 893. 39 points or 1. 16 per cent, to 76,200. 68 and the Nifty 50 lost 278. 80 points or 1. 16 per cent, to settle at 23,824. 10 as the markets failed to stay over the crucial 24,000 levels. Erosion was most pronounced in IT and metal counters. You Might Be Interested InNifty IT crashed by 2. 23 per cent. Nifty Metal fell 3. 23 per cent. But pharma stocks bucked the downbeat mood, with the Nifty Pharma index gaining 0. 92%, reflecting investors’ preference for defensive stocks in uncertain times. Mixed Signals From Global MarketsOverseas markets showed mixed signals Wednesday morning. South Korea’s Kospi staged a sharp recovery, up 4. 02% after heavy losses a day earlier. The Nikkei 225 was flat to lower by 0. 06% in Japan, while Australia’s ASX 200 hovered near its close yesterday. The price of oil once again eased back from recent highs on the prospect of progress in the latest round of talks between the U. S. and Iran, which improved the overall supply situation. The price of crude fell by over one per cent yesterday to $76. 47/barrel for Brent. This in turn gives some of the biggest oil consumers, like India, a little more flexibility. Can Nifty Rebound? Here’s What The Analysts Are SayingAccording to Ankit Jaiswal, Senior Research Analyst at Univest, the immediate challenge for the Nifty is to hold the 23,750 level. Ankit said the day’s low of 23,784. 95 has become an important support zone. If that level is breached, the index may fall to 23,600. On the positive side, the first obstacle is around the 23,950 level and a close above the 24,100 level should improve market sentiment. Bank Nifty Expiry Could Be Causing VolatilityTraders will be alert as the weekly Bank Nifty expiry is on Wednesday. According to Kunal Singla, associate director at Univest, 56,900 will be the key level to watch. Bank Nifty closed Tuesday at 57,183. 75, down 751. 85 points and futures ended at a slight discount, which indicates that traders are still taking a cautious approach. Banking stocks may witness sharp moves as is often the case on expiry day, especially in the last hour of trading. Sectors That Are Likely To Stay In FocusPharma stocks may continue to attract attention after being the only sector to end higher on Tuesday. IT shares, on the other hand, are still under pressure. Investors would be looking for signs of stabilisation in the recent corrective wave. Banking stocks are also likely to dominate, as the weekly expiry is on Thursday, thus making above-normal intraday volatility a reality. What To Watch In Markets TodayGIFT Nifty early signals are positive, but it is too early to say that the recent weakness is over after just one positive opening. Markets will continue to react to global developments, crude oil price movements, and expiry-related trading activity. The big question for now is whether the Nifty can reclaim the 24,000 mark and hold above it. Volatility will likely remain high and traders are likely to be selective until then. (Disclaimer: This article is for informational purposes only and should not be considered investment advice. The views, opinions, and recommendations expressed herein are those of the respective experts. Readers are advised to consult a qualified financial advisor before making any investment decisions. )Also Read:Why Tata Electronics’ Cyber Breach Could Raise Security Concerns For Apple & Tesla Operations?——————————————–————————————————–Priyanka Roshan is a business writer and assistant editor at the NewsX website who tracks everything from stock market swings and corporate earnings to personal finance trends and policy shifts. Known for turning fast-moving business developments into sharp, reader-friendly stories, she combines speed, accuracy, and a data-driven approach to break down complex financial news for everyday audiences. With over 9. 5 years of newsroom experience, Priyanka has worked with leading media organisations, including Moneycontrol, Times Now, and Ping Digital, covering diverse beats such as business, politics, technology, auto, travel, sports, and the world. From live breaking news desks to SEO-led digital storytelling, she specialises in creating engaging content that keeps readers informed without overwhelming them.