Stock market today: Sensex, Nifty to rally on Iran-Israel ceasefire?
Sensex and Nifty are expected to open on a positive note on Tuesday, following gains in the broader Asian markets. This upward movement comes after U.S. President Donald Trump announced a ceasefire agreement between Iran and Israel, which has led to a drop in oil prices.The Gift Nifty futures were trading at 25,297.50 as of 8:10 a.m., indicating that the Nifty50 will open above its previous close of 24,971.9. This suggests a positive start for the markets, aligning with the broader trend observed in Asia, where indices have shown resilience despite recent geopolitical tensions.advertisementFollowing the ceasefire announcement, oil prices fell to a one-week low, and the MSCI Asia ex-Japan index climbed by over 1.5%.
The benchmark Nifty and Sensex indices had slipped by about 0.6% each on Monday, largely due to foreign investors withdrawing amidst rising geopolitical tensions in the Middle East. However, the ceasefire has brought a sense of relief, potentially stabilising the markets in the short term.Despite recent uncertainties, the 50-stock index has gained about 1% in June, marking its fourth consecutive monthly gain. This positive trend is largely attributed to central bank easing policies and robust domestic growth prospects.VLA Ambala, Co-Founder of Stock Market Today, remarked, "We can expect Nifty to find support between 24,850 and 24,720 and meet resistance between 25,080 and 25,210 in the next intraday trading session."advertisementBajaj Broking Research said that the index formed a high wave candle which remained enclosed inside previous session price range signalling consolidation amid rise in geopolitical tensions.They further elaborated, "Stock specific action remained in focus in today's session. Going forward, index to maintain positive bias and gradually head towards 25,200–25,250 levels in the coming sessions being the upper band of the last five weeks consolidation range. Immediate bias remains positive above 24,700-24,800 levels being the confluence of last week low and 20 days EMA."In addition, Bajaj Broking Research suggested that "a decisive breakout above this overhead supply zone may pave the way for a further leg higher towards the 25,500 in the near term."The company also identified "key support at the 24,500–24,400 region — a key confluence area marked by the 50-day EMA and the lower boundary of the recent multi-week range." (Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- EndsMust Watch
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