23/06/25, nifty levels & market report

 The Nifty 50 gained solid strength on June 20 after a three-day consolidation and rallied 1.29 percent, reviving weak sentiment alongside a falling VIX. Despite the recovery, the index remains within the broad range of 24,450–25,200 for several weeks now. As long as the index trades below 25,200, and geopolitical tensions in the Middle East—which influence oil prices—persist, consolidation and mild correction within a range-bound setup may continue. Key support levels remain at 24,700, followed by the 24,500–24,450 zone, which is also where the 50-day EMA is placed, according to experts. A fall below this crucial support zone may trigger a forceful attack from bears, while a decisive and sustainable close above 25,200 can open the door for strong bullish action.

 Levels For The Nifty50(25,112)

Resistance based on pivot points: 25,145, 25,229, and 25,363

Support based on pivot points: 24,876, 24,793, and 24,658

. The Nifty 50 formed a long bullish candle on the daily chart after Doji-like candles in the previous two sessions, supported by above-average volumes. The index also climbed above short-term moving averages. On the weekly timeframe, it also formed a bullish candle, but the RSI at 60.81 remained sideways, signaling a lack of directional bias. Additionally, the Average Directional Index (ADX)—a measure of trend strength—stood at 13.32, its lowest level since July 2024, indicating weak trend momentum in either direction. Moreover, the Bollinger Bands on the daily chart have contracted significantly. This formation typically occurs when volatility drops to low levels and the price trades within compressed bands, often preceding a sharp breakout or breakdown, according to experts.

Levels For The Nifty Bank (56,253)

Resistance based on pivot points: 56,340, 56,520, and 56,811

Support based on pivot points: 55,758, 55,578, and 55,287

Resistance based on Fibonacci retracement: 56,643, 57,056

Support based on Fibonacci retracement: 55,149, 54,820

 The Nifty Bank also traded in line with the benchmark Nifty 50, rising 1.2 percent to reclaim the 56,000 mark and filling the gap created by the June 13 sell-off. The index also moved above short-term moving averages, although the Bollinger Bands remained squeezed. The RSI at 57.77 inclined upward, and the MACD stayed well above the zero line, but both indicators still sustained negative crossovers, suggesting caution.

source & reference : icharts, money control