18/06/26, Trading Plan for Today

Despite the possibility of near-term consolidation, the market trend is likely to remain positive, supported by healthy technical indicators and continued optimism regarding a potential US-Iran deal, subdued oil prices, and the Federal Reserve maintaining the status quo on interest rates. Hence, according to experts, the Nifty 50 is expected to advance toward the 24,300–24,500 zone going forward, provided it holds above the 24,000 support level. A breach of this support could drag the index down toward the 23,900–23,800 zone, which remains a key support area. Meanwhile, the Bank Nifty needs to decisively clear the 57,800–58,000 resistance zone to move toward the 58,500–59,000 levels. Until then, range-bound trading may continue, with immediate support placed at 56,800.

On June 17, the Nifty 50 climbed 97 points (0.40 percent) to close at 24,086, while the Bank Nifty gained 288 points (0.50 percent) to settle at 57,585. Bulls maintained dominance over market breadth, with about 1,699 shares advancing against 1,309 declining shares on the NSE.

Nifty Outlook and Strategy

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

The benchmark index, Nifty, recently found strong support around the 61.8 percent Fibonacci retracement level of its previous upward rally, followed by a sharp pullback. Notably, from last Thursday's low, the index has rebounded by more than 1,000 points in just five trading sessions, indicating strong buying interest at lower levels. Adding to the positive outlook, the index has confirmed a breakout from a falling wedge pattern on the daily chart, which is typically considered a bullish reversal formation.

Following this breakout, the index has reclaimed its 20-day and 50-day EMAs and is now on the verge of moving above its 100-day EMA, further strengthening the short-term trend. The daily RSI has also delivered a falling channel breakout and has climbed above the 60 mark for the first time since January 2, 2026, signalling improving momentum.

While the trend strength indicator remains below the 20 level and continues to slope downward, the positive crossover, with the +DI positioned above the -DI, reflects underlying strength. Additionally, the MACD histogram points to a steady pickup in upside momentum.

Going forward, the index is expected to maintain its positive trajectory and gradually extend its rally towards 24,300, followed by 24,500 in the short term. On the downside, the 23,850–23,800 zone is likely to act as strong and immediate support, providing a cushion against any near-term pullbacks.

Key Resistance: 24,300, 24,500

Key Support: 23,850, 23,800

Strategy: Buy Nifty Futures on dips between 24,050 and 24,100, with a stop-loss at 23,900 and a target of 24,350.

Rupak De, Senior Technical Analyst at LKP Securities

The Nifty remained volatile throughout the day as it faced resistance around the 24,100 level. The broader trend remains positive, with the index sustaining above its 50-day EMA. However, proximity to the previous swing high could keep the index volatile, with intermittent profit booking likely in the near term.

On the downside, 24,000 is expected to act as immediate support. A breach below this level could trigger a correction towards 23,800. Conversely, a decisive move above 24,100 may pave the way for a rally towards 24,300 and beyond.

Key Resistance: 24,100, 24,300

Key Support: 24,000

Strategy: Buy the Nifty 24,000 Put Option (PE) of the June 23 expiry at Rs 114, with a stop-loss at Rs 89 and a target of Rs 160.

Vaishali Patel, Deputy Manager - Research- Technical Department at Jainam

For the Nifty 50 to sustain its ongoing upmove and convincingly move beyond the 24,200 level, a strong momentum breakout supported by broad-based participation will be essential. Until such confirmation emerges, the possibility of consolidation or a short-term pullback cannot be ruled out. From a technical perspective, any healthy retracement is likely to find support in the 23,800–23,600 zone, which coincides with an important demand area.

On the hourly timeframe, the RSI remains above the 70 level but is exhibiting a bearish divergence against price action. This suggests that while the trend remains positive, momentum is not fully confirming the recent highs and may cool off in the near term. Such divergences often precede either a consolidation phase or a shallow corrective move before the next directional trend unfolds.

Key Resistance: 24,200, 24,300

Key Support: 23,800, 23,600

Strategy: Buy Nifty Futures in the 23,950–23,900 zone, with a stop-loss at 23,750 and a target of 24,250.

Bank Nifty - Outlook and Positioning

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

The banking benchmark index, Bank Nifty, has been consistently outperforming the frontline indices over the past couple of weeks. This strength is further validated by the Bank Nifty-to-Nifty ratio chart, which has climbed to a three-month high, clearly indicating sustained outperformance and leadership from the banking sector.

Technically, the index is well-positioned, trading comfortably above its key short- and long-term moving averages, all of which are trending higher. This is a positive sign reflecting a strong underlying uptrend. Momentum indicators continue to support the bullish bias, with the daily RSI sustaining above the 60 mark for the past four sessions while maintaining an upward trajectory. Additionally, the MACD histogram indicates a strong buildup of bullish momentum, reinforcing the positive sentiment.

Given this strong technical setup, Bank Nifty is expected to extend its upward move and test the 58,300 level, followed by 59,000 in the near term. On the downside, the 56,800–56,700 zone is likely to act as immediate and strong support.

Key Resistance: 58,300, 59000

Key Support: 56,800, 56,700

Strategy: Buy Bank Nifty Futures between 57,500 and 57,600, with a stop-loss at 57,000 and a target of 58,700.

Rupak De, Senior Technical Analyst at LKP Securities

The Bank Nifty has recently reclaimed its 200-day moving average (DMA), turning the short-term sentiment positive. However, the index is facing resistance on the daily chart near the beginning of the downward gap formed in early March this year.

The short-term outlook is likely to remain positive as long as the index sustains above 57,000. A decisive move above 57,750 is required to confirm a sustained rally and pave the way for further upside.

Key Resistance: 57,700, 58,000

Key Support: 57,000

Strategy: Buy the Bank Nifty 57,000 Put Option (PE) of the June expiry above Rs 400, with a stop-loss at Rs 330 and a target of Rs 520.

Vaishali Patel, Deputy Manager - Research- Technical Department at Jainam

Bank Nifty continues to exhibit relative strength and remains in a constructive technical setup despite intermittent bouts of profit booking. The index has been consistently finding support during corrections, indicating that buying interest remains intact and that market participants continue to accumulate on declines.

On the daily timeframe, Bank Nifty is trading above its key moving averages, reflecting a positive intermediate-term trend. The recent consolidation appears to be a pause within the broader uptrend rather than a sign of weakness. Price action over the past few sessions suggests that the index is attempting to build a base near its 200-day DMA before its next directional move.

Momentum indicators remain supportive, although the pace of the recent rally has led to some overextension on lower timeframes. Similar to the Nifty, short-term oscillators are showing signs of cooling off, which may result in a period of consolidation or a mild pullback. However, such a move would be considered healthy as long as key support levels remain intact.

Key Resistance: 57,800, 58,200

Key Support: 57,200, 56,800

Strategy: Buy Bank Nifty Futures in the 57,000–56,700 zone, with a stop-loss at 56,000 and a target of 57,900.

Reporting: Sunil Shankar Matkar 

Source: MoneyControl,  Network18