Stock Market Today: Sensex, Nifty Open Lower Amid Global Cues; Analysts Eye 25,000 Resistance, Bank Nifty in Tight Range

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This movement comes a day after markets closed on a weaker note—Sensex down by 212.85 points and Nifty 50 by 93.10 points, closing below the psychological 24,900 level.

The Indian stock markets opened lower on Wednesday, 18 June, with the Sensex slipping by 243.19 points to 81,340.11 and the Nifty 50 dropping 25.20 points to 24,828.20, amid weak global signals and ongoing consolidation near resistance levels. The Gift Nifty, often used as a directional cue, also pointed to a lacklustre start, trading at a discount of nearly 34.3 points compared to Nifty futures’ previous close.

This movement comes a day after markets closed on a weaker note—Sensex down by 212.85 points and Nifty 50 by 93.10 points, closing below the psychological 24,900 level.

Technical indicators suggest a lack of decisive momentum. According to Om Mehra, Technical Research Analyst at SAMCO Securities, the Nifty remains above its 20-day Simple Moving Average at 24,830, but resistance near 25,000–25,170 is proving difficult to breach. “The RSI has slipped to 53, showing fading momentum, while MACD remains in bearish territory, with continued divergence from the signal line. Bollinger Bands are tightening, suggesting a likely contraction before a clear move,” he explained.

Support for the Nifty 50 is seen at 24,700 and 24,650, while resistance remains between 25,000 and 25,170. Mehra notes that a close above this range “could revive bullish sentiment.”

Nandish Shah, Senior Derivative and Technical Analyst at HDFC Securities, concurred, stating, “The Nifty failed to breach the 25,000 mark and remains in a positional consolidation phase. 24,700 will be the level to watch on the downside.”

Meanwhile, VLA Ambala, Co-Founder of Stock Market Today, pointed out the formation of a Dark Cloud Cover candlestick pattern—a bearish indicator that suggests a possible pause or reversal in the recent rally. “We expect support between 24,730 and 24,650, with resistance near 25,080 to 25,150,” she said.

Bank Nifty Outlook: Bearish Tilt Persists

The Bank Nifty index closed 230.75 points lower at 55,714.15 on Tuesday, forming a bear candle amid profit booking and geopolitical uncertainty. A sustained move above 56,000 is required for any significant upside toward 56,600–57,000, analysts say.

According to Bajaj Broking Research, if the index fails to surpass the 56,000 level, it could remain in a range-bound zone between 55,000 and 56,000, with an increased likelihood of stock-specific action. A decisive breakdown below 55,000 would invalidate the current structure, potentially dragging the index to the 54,000–54,500 support zone, which aligns with the 50-day EMA and prior retracement levels.

SAMCO’s Om Mehra highlighted technical congestion: “Bank Nifty is hovering near its 20-day EMA and Bollinger Band midline. The RSI has declined to 52, suggesting weakening momentum. MACD’s negative crossover confirms ongoing consolidation.” Mehra added that support lies at 55,350, and a breach below that could push the index to 55,000. Resistance remains at 56,100–56,200, where the upper Bollinger Band is positioned.

Market Sentiment and Outlook

Both Sensex and Nifty remain trapped in narrow ranges, reflecting investor indecision amid external pressures including geopolitical tensions in the Middle East and volatile global markets. Traders are expected to remain cautious unless a breakout above resistance zones—particularly 25,170 for Nifty and 56,200 for Bank Nifty—materialises.

Until then, market experts suggest a range-bound trading strategy, with focus on sector-specific opportunities, particularly in FMCG, IT, and select private banks, which have shown relative strength during consolidation.