Benchmark indices Nifty and Sensex are expected to open higher on June 24, buoyed by easing geopolitical tensions after Iran and Israel agreed to a complete ceasefire. The announcement was made by US President Donald Trump via his Truth Social account, offering investors much-needed relief after 12 days of turmoil. At about 7:30 am, Gift Nifty levels stood at 25,212, higher by 1 percent or 237 points.
Oil prices fell sharply in early Asian trade. West Texas Intermediate (WTI) crude futures for August dropped as much as 5.1 percent to $65.02 a barrel, slipping below levels last seen before the June 12 Israel-Iran conflict. Brent crude also slid 8 percent overnight after reports confirmed that Iran’s strikes on US bases in Qatar were coordinated and caused no casualties.
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In the previous session, benchmark indices had closed lower as fears flared up following joint US-Israel airstrikes on Iranian nuclear sites. Rising oil prices and global risk-off sentiment dragged markets down.
Here are the important levels to watch out for on June 24
Despite a weak open, the Nifty managed an impressive recovery, ending just shy of the psychological 25,000 mark. The index slipped 140.5 points to close at 24,971.90, with the rebound signaling strong buying interest at lower levels. Key resistance remains at 25,200–25,230. A close above this zone would open the door for further upside. On the downside, 24,750–24,700 remains a crucial support band to watch.
"The Nifty Bank also clawed back intraday losses to end just above the 56,000 mark. It fell 193.5 points to 56,059.35. According to Dhupesh Dhameja of SAMCO Securities, “The session’s recovery points to strong demand at lower levels. Sustained optimism is visible, though a breakout above 56,100–56,300 is needed to build further momentum.” Support for Nifty Bank is seen at 55,400–55,350.
Also read: After Trump's truce claims, FM Araghchi says Iran will stop its attacks if Israel stops airstrikes
India VIX spiked during early trade but cooled off by close, ending 2.74 percent higher at 14.04. The volatility index continues to hover below the 15 mark, suggesting contained market fear and a supportive setup for bulls.
Meanwhile, the Put-Call Ratio (PCR) rose to 1.03 from 0.86, indicating increasing bullish bets and greater put writing. Max Pain stands at 24,800, hinting at a potential expiry magnet for the index.
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