Nifty 50, Sensex prediction today: Check how Indian stock market is expected to trade on 23 June

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open flat on Tuesday, tracking mixed cues from global markets, amid cautiousness around the US-Iran peace deal.

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 24,130 level, a premium of nearly 6 points from the Nifty futures’ previous close.

On Monday, the Indian stock market ended higher amid reports of progress in US-Iran peace talks, with the benchmark Nifty 50 closing above 24,100 level.

The Sensex rose 291.17 points, or 0.38%, to close at 77,094.07, while the Nifty 50 settled 89.80 points, or 0.37%, higher at 24,102.90.

Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:

Sensex formed a double top pattern on intraday charts, and a small candle on daily charts, indicating indecisiveness between the bulls and bears.

“For day traders, 77,300 and 77,500 would act as immediate resistance zones, while 76,800 would serve as a key support area. On the higher side, above 77,500, Sensex could rally to 77,800 - 78,000. On the flip side, below 76,800, we could see a quick intraday correction to 76,500 - 76,400,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

He believes the intraday market texture is non directional, and hence advises level based trading strategy for the day traders.

Mayank Jain, Market Analyst, Share.Market by PhonePe noted that the chart patterns suggest the primary support zone for Sensex is established between 76,300 and 76,500, while in the near term, the 78,600 – 78,800 range is expected to function as a key supply zone.

Nifty 50 index formed a doji candle on the daily chart just below the 100-day SMA, placed at 24,200, indicating indecision, as the index pauses near this key hurdle.

“From a technical perspective, the 24,200 level continues to act as the immediate resistance zone for Nifty 50. A sustained breakout above this level would reinforce bullish momentum and could pave the way for a further advance towards the 24,400 region, which remains the next significant upside target,” said Ponmudi R, CEO of Enrich Money.

According to him, on the downside, the 24,000 – 23,900 region continues to serve as a crucial support zone, and holding above this range will be essential to preserve the prevailing recovery structure and maintain the positive undertone.

“However, a decisive break below the 23,900 mark could trigger fresh profit booking and expose the Nifty 50 index to further downside towards the 23,800 support region. Overall, the near-term technical outlook remains constructively bullish. While the index continues to consolidate below its immediate resistance, the broader recovery trend remains intact,” said Ponmudi R.

Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in noted that the Nifty 50 index is approaching the immediate resistance zone of 24,150 – 24,200, and a sustained move above this range could trigger fresh buying momentum towards 24,300 – 24,400 levels.

“On the downside, immediate support is placed near 24,000, while a stronger support zone is seen around 23,850 – 23,900. As long as Nifty 50 remains above these levels, the bullish outlook is likely to remain intact,” said Arora.