Trade Setup for June 13: Bulls aim to hold 24,850 as market corrects on weak cues
The Nifty slipped below the 25,000 mark for the first time since June 5, as expiry-led volatility and weak global cues weighed heavily on investor sentiment. The benchmark index fell by 250 points, dragged down by heavyweights Axis Bank and ICICI Bank, and closed just above the crucial support zone at 24,850.
This sharp fall comes amid a mix of bearish triggers — from US President Trump's tariff threats, unresolved US-China discussions in London, escalating tensions in the Middle East, to a spike in crude oil prices — none of which supported the index's attempt to extend its seven-day rally.
Adding to the pressure, profit booking continued in recently favored sectors like railways, defence, and capital markets. Several block deals surfaced, including a stake sale by Reliance Industries in Asian Paints and a ₹480 crore deal in MapMyIndia's parent, which ended the day at its low.
Despite Thursday's drop, the Nifty remains marginally positive for the week. Bulls are now looking to defend 24,850 to keep the uptrend intact, with 25,200 acting as a tough resistance.
Technical View:
Rupak De, LKP Securities: A breakdown has formed near 25,200; support seen at 24,850. While the broader trend remains strong, slipping below 24,850 could worsen sentiment.
Nagaraj Shetti, HDFC Securities: A sustained move above 25,200 is needed for the Nifty to reclaim momentum towards 25,600.
Om Mehra, SAMCO Securities: Nifty Bank is showing fatigue. A dip below 56,000–56,200 could push it toward 55,300, while 56,700 remains a resistance.
With global uncertainty and expiry pressures behind, Friday's session becomes critical for gauging short-term direction and sentiment stability across sectors.
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