Will Sensex, Nifty end their 2-day losing streak? Key levels to track on June 16

The India VIX surged 7.56 percent to 15.08, reflecting rising uncertainty and a possible spike in intraday volatility. A cautious and selective approach is advisable for the next few sessions, experts added.

After two days of losses, Nifty and Sensex are set for a mild rebound on June 16, with GIFT Nifty hinting at a positive start near 24,800—up 0.21 percent—even as geopolitical tensions between Israel and Iran continue to simmer.

Oil prices climbed on Monday, extending Friday's rally, as renewed strikes by Israel and Iran over the weekend increased concerns that the battle could widen across the region and significantly disrupt oil exports from the Middle East.

Benchmark indices Nifty and Sensex logged a second straight day of losses, as rising tensions in the Middle East and lingering trade uncertainties rattled investor sentiment. A broad-based sell-off gripped the market, with all major sectoral indices slipping into the red and India VIX surging over 7 percent, signalling mounting nervousness.

On June 13, FIIs were net sellers at Rs 1.264 crore, while domestic institutional investors (DIIs) were net buyers at Rs 3,041 crore. For the year so far, FIIs have net sold Rs 1.26 lakh crore, while DIIs have net bought Rs 3.19 lakh crore worth of shares.

Here are the key levels to watch out for in today's session

"Technically, the Nifty has re-entered its consolidation range, and a decisive move beyond the 24,400–25,200 zone will be required to establish the next directional trend. In the event of a breakdown, the 24,000 level is expected to act as a crucial support, whereas a breakout above 25,200 could trigger a sustained rally toward the 25,600 mark," Ajit Mishra, Senior Vice President of Technical Research at Religare Broking, said.

The Nifty Bank index has slipped below both the 9-day and 20-day exponential moving averages, suggesting short-term weakness. The daily RSI has cooled to the neutral 50 mark, reflecting a lack of direction, while the ADX stands at 25 with a slight bearish skew, hinting at a pause or potential trend reversal.

"Nifty Bank is approaching its immediate support at 55,000, a key psychological level. A breach below this zone could open further downside risk. Resistance is capped at 56,000, and only a sustained close above this level may reignite bullish momentum. Nifty Private Bank and PSU Bank indices are also tilting mildly on the downside, reinforcing the weakening breadth in the banking space. Until broader strength re-emerges, a cautious approach focusing on support levels is advisable," Om Mehra of SAMCO Securities said.

The India VIX surged 7.56 percent to 15.08, reflecting rising uncertainty and a possible spike in intraday volatility. A cautious and selective approach is advisable for the next few sessions, experts added.

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, declined to 0.89 on June 13, compared to 0.92 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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