Indian equity benchmarks Sensex and Nifty 50 are expected to open on a subdued note on Friday, reflecting mixed global cues and tepid signals from the derivatives market. The Gift Nifty, trading near the 24,793 level — about 10 points below its previous futures close — indicates a lackluster start for domestic indices.
Asian markets traded mostly higher, but US stock futures declined amid mounting geopolitical tensions in the Middle East, particularly due to the escalating Israel-Iran conflict, weighing on investor sentiment globally.
On Thursday, domestic markets closed marginally lower, with the Sensex falling 82.79 points (0.10%) to end at 81,361.87, while the Nifty 50 slipped 18.80 points (0.08%) to close at 24,793.25.
Nifty 50 Outlook
The Nifty 50 closed slightly in the red on June 19, forming a small-bodied candle and signaling continued consolidation.
According to Om Mehra, Technical Research Analyst at SAMCO Securities, the index remains in a tight range with no clear direction. “The RSI is neutral at 51, and the MACD is still in negative territory. The index is also trading below its 9-day and 20-day EMAs, indicating muted momentum,” he noted.
Mehra emphasized that a close below 24,700 could signal downside risk, whereas a breakout above 25,000 may trigger renewed bullish momentum. For now, Nifty is expected to remain between 24,600 and 25,000.
Dr. Praveen Dwarakanath, Vice President at Hedged.in, added that Nifty formed a doji candle, indicating indecision. “Option writing at the 24,800 level suggests a range-bound session. The index is finding resistance at the 20-day moving average and may fall to 24,500, which could offer a buying opportunity for a target of 24,800–25,100,” he said.
VLA Ambala, Co-Founder of Stock Market Today, observed a Doji high wave pattern on the daily chart, signaling macro-driven indecisiveness. She expects support between 24,640 and 24,500, and resistance near 24,860 and 24,950.
Bank Nifty Outlook
Bank Nifty dropped 251.30 points (0.45%) to close at 55,577.45 on Thursday, forming a bearish candle, indicative of market consolidation amid geopolitical uncertainty.
Analysts at Bajaj Broking Research highlighted that a breakout above 56,000 would be necessary for any significant upside, potentially pushing the index toward the 56,600–57,000 zone. Conversely, a decisive break below 55,000 could trigger a fall toward the 54,500–54,000 support range, which includes the 50-day EMA and key Fibonacci levels.
Om Mehra noted that Bank Nifty continues to face resistance from a falling trendline and remains within a contracting channel on the hourly chart. “Momentum indicators such as the RSI (near 50) and MACD (still negative) point to waning strength. The 20-day EMA at 55,880 now acts as immediate resistance,” he said.
He added that the broader trend remains positive, but current price action suggests a pivotal moment. A breakdown below the channel support may lead to declines toward 55,000, while a recovery above 56,000 could revive bullish sentiment.
Market Strategy
With both indices hovering in tight consolidation zones, analysts advise a cautious, stock-specific approach. Clear breakouts or breakdowns in Nifty 50 and Bank Nifty will be key in determining directional moves in the coming sessions.