Will Nifty, Sensex extend 4-session winning streak or give up gains? Check key levels to watch on June 10

Nifty 50 and Sensex are likely to extend their gains to a fifth consecutive session.

Frontline indices Nifty 50 and Sensex are likely to open with gains, extending their four-session long momentum, on Tuesday, June 10, as Asian stocks trade higher.

At 7.45 am, the GIFT Nifty index was trading higher by 60 points or 0.23 percent at 25,240.

In the previous session, the market rally continued for the fourth consecutive session with Nifty hitting an eight-month high at 25,160 intraday, amid buying across the sectors, barring real estate stocks. Bulls and bears staged a strong fight at the 25,100 level on the Nifty 50, while Sensex was 250 points higher as positive global cues and domestic monetary policy actions supported the sentiment.

The Foreign institutional investors (FIIs) continued their buying on second day as they purchased equities worth Rs 1,992 crore on June 9, while Domestic institutional investors (DIIs) also extended their buying on the 15th day as they bought equities of Rs 3,503 crore on the same day.

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Here are the key levels to watch in trade today

As per experts, the next resistance for the Nifty 50 is placed in the 25,200–25,300 zone; above this, the 25,500 level becomes the next possible target. On the downside, immediate support is seen at 25,000, followed by 24,900. Meanwhile, the Bank Nifty is expected to sustain its upward movement toward 58,000, as long as it holds above the 56,000 support level.

The Nifty 50 has finally provided a long-awaited breakout above the 25,100 level, and in the futures segment, it also closed above this level. Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities said, "The index had been consolidating within a range of 24,500 to 25,100 since May 15, and has now managed to surpass and close above that range."

"This breakout increases the probability of the index inching toward 25,500, which is the next immediate target, as this level holds the highest Call open interest (OI)."

The Put-Call Ratio (PCR) is at 0.94, slightly below 1, indicating a neutral sentiment. The index is currently trading between 25,000 and 25,200 — the range between its maximum pain and modified maximum pain levels — suggesting that further upward momentum is likely above 25,200. On the downside, as long as the 25,000 level holds in index futures, the overall short-term trend remains positive.

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