Benchmark indices Nifty and Sensex are set for another weak start, with GIFT Nifty hinting at a gap-down open near 24,600— a drop of over 370 points — as escalating tensions in the Middle East rattle global sentiment. The sharp turn comes after Israel launched a strike on Iran’s capital early Friday, sending shockwaves through Tehran and reigniting fears around the region’s volatile nuclear standoff.
Crude oil prices surged as much as 8 percent on Friday and are up around 12 percent for the week — marking their biggest weekly gain since 2022. The spike comes amid escalating Middle East tensions, with JP Morgan warning earlier this week that oil could soar to $130 a barrel in a worst-case scenario.
In the previous session, the frontline indices gave up early gains and slumped sharply in the final hours of trade, as a broad-based selloff gripped the market. Even the lone gainer, Nifty Pharma, buckled under pressure, while mid and smallcap stocks bore the brunt of the decline, falling harder than the headline indices.
FIIs and Foreign Portfolio Investors (FPIs) sold shares worth Rs 3,831 crore while DII's net bought Rs 9,393 crore. FIIs remain net sellers for 2025 so far, pulling out over Rs 1.24 lakh crore year-to-date. Meanwhile, DIIs have emerged as steady absorbers, with cumulative net purchases exceeding Rs 3.16 lakh crore.
Here are the key levels to track on June 13
The index faced rejection near the 25,200 zone and slipped below the 9-EMA, though it continues to hold around the 20-Day SMA. This marks a pause in the ongoing uptrend, hinting at possible consolidation or mild profit booking ahead. The higher highs and higher lows remain intact on the broader time frame, but the bearish engulfing pattern raises near-term caution. The RSI has dropped from 60 to 55, indicating a decline in momentum. The Average True Range (ATR) has risen slightly, increasing intraday volatility. The immediate support remains at 24,800; a break beneath this zone could invite a sharper slide, whereas 25,100 remains a formidable ceiling on the upside.
"The Nifty Bank index saw mild profit booking, pulling back towards the 20-Day SMA, which now acts as immediate support. However, the primary trend remains intact as the price holds well above the medium-term moving averages. The index is currently hovering near the previous breakout zone of 56,000–56,200. A sustained breach below this zone could open the gates for further downside towards the next support at 55,300. On the upside, 56,700 continues to pose immediate resistance. Currently, caution is warranted, as a break below 55,300 may weaken the trend and shift the near-term outlook to negative," Om Mehra, Technical Research Analyst at SAMCO Securities, said.
The India VIX, the fear index that measures expected market volatility, rebounded but stayed below the 15 mark, closing at 14.02, up 2.54 percent. This remains favourable for the bulls.
The Nifty Put-Call ratio (PCR), which indicates the mood of the market, dropped to 0.92 on June 12, compared to 0.97 in the previous session. The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market.
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