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Trade Setup For June 16: Nifty Eyes 24,400 Support As Geopolitical Risks Loom
- The Nifty 50 closed lower last week amidst geopolitical concerns but managed to recover to near 24,718.60.
- Technical analysts suggest that the Nifty is currently supported around the 24,400–24,450 range with upside barriers at 24,825 and 25,000.
- A bearish candle on the weekly chart indicates profit booking near the 78.6% retracement zone of 25,200, with a potential breakdown below 24,400 accelerating the correction.
- The broader consolidation range for the Nifty is between 24,400 and 25,200, with 25,000 acting as a crucial short-term barrier.
- The Nifty faces a negative short-term trend with possibilities of further selloff if it breaches 24,500, while a bounce could push it towards 25,100.
- Market recap: Nifty 50 and BSE Sensex closed the week in red with Nifty falling 0.68% to 24,718.60 and Sensex dropping 0.70% to 81,118.
- During the week, both indices declined over 1% with Nifty losing nearly 500 points from its weekly high, breaking a two-day winning streak.
- Currency update: The Indian rupee ended at 86.09 against the US dollar, weakening due to global and domestic macroeconomic pressures.
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