The benchmark index Nifty and Sensex have a strong start on 24 June. This has accelerated due to reduced geopolitical tension after consent on ceasefire between Iran and Israel. The break was announced by US President Donald Trump through his Truth Social Account. This announcement has given investors very important relief after 12 days of turmoil. Currently, the Nifty is trading around 25,210.70 with a gain of 259.45 points, or 1.04 per cent. At the same time, Scesex is trading around 82,730 with a gain of 795.61 points i.e. 0.97 per cent.
In the early stages of Asian trade, oil prices fell drastically. The August West Texas Intermediate (WTI) crude futures fell 5.1 per cent to $ 65.02 per barrel. It has gone below the level before the Israel-Iran struggle of June 12. Brent crude also fell 8 percent. Media reports show that Iran’s attacks on American bases were coordinated and there were no casualties.
Prime Research Head Desert Lawyer in HDFC Securities “Despite the decline, the markets have shown the underlying strength and the recovery of 200 digits tomorrow is an example.” He further stated that the market is happy with the reduction of geopolitical uncertainties and the possibility of cutting US interest rates in July is also increasing.
Market experts say that the focus of the market is now on the receiprocal tariff, whose postponement is ending on July 9. All bilateral trade agreements should be concluded before that. From now on the market will react to events on the global trade front.
From a technical perspective, despite the weak start yesterday, the Nifty made a strong recovery and closed slightly below the psychologist of 25,000 points. The Nifty fell 140.5 points to close at 24,971.90 yesterday. There was a sign of strong purchases at lower levels. Now important resistance is visible for Nifty at 25,200-25,230. Closing above this zone will open the way for further edge. There is a significant support at 24,750-24,700 for the bottom Nifty.
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Dhupesh Dhemeja of Samco Securities It is said that yesterday Nifty Bank also compensated the intraday deficit and closed slightly above the level of 56,000. It fell 193.5 points to 56,059.35. Recovery of the previous trading session indicates strong demand from lower levels. Further boom is expected, although further boom requires a breakout above 56,100–56,300. Good support is visible for Nifty Bank at 55,400-55,350.
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