Nifty setup, global cues linked to Israel-Iran : June 24
Stock Market Today: According to analysts, the Nifty closed above the 24,850 support level and could present further buying possibilities if it maintains this level.
Stock Market Today: Due to the intensified Israel-Iran crisis, the benchmark Nifty-50 index ended Monday’s trading session 0.56% lower at 24,971.90. The Bank Nifty ended the day at 56,059.35, down 0.34% as well. While metals and consumer durables were among the gainers, the majority of sectors, headed by IT, auto, and FMCG, witnessed declines. Positively, the mid and small caps finished 0.36–0.7% higher in the broader indices.
Tuesday’s Trade Setup :
The Nifty closed above the 24,850 support level,and as long as it remains above this level,Indian stocks can still present buying possibilities. According to Rupak De, Senior Technical Analyst at LKP Securities,if it rises above 25,000,it might soon climb above 25,350.
According to Bajaj Broking,the Bank Nifty’s short-term bias is still positive above the 55,400 levels.
World Markets and the Israel-Iran Conflict :
Following reports that the Iranian Parliament had approved the closing of the Strait of Hormuz,Brent crude prices increased by about 2% to reach a five-month high on Monday. In general, it is anticipated that Indian stocks will continue to consolidate, and investors will be keenly monitoring events on the international geopolitical scene.According to Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services Ltd., “we expect momentum to continue in defense and upstream oil companies, but banking and financial stocks are likely to be in favor due to RBI policy support and liquidity-boosting measures.”
However, following US President Donald Trump’s request for a ceasefire between Israel and Iran, the geopolitical tension is anticipated to decrease.
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