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Informist, Tuesday, Jun. 24, 2025

By Simran Rede

MUMBAI – Despite rising over 1% intraday, analysts are unsure about the near-term direction of the market as developments on the conflict between Israel and Iran are likely to determine the movement, especially after a volatile final hour of trade Tuesday. The market is likely to be rangebound until the Nifty 50 manages to sustain the 25200 level, analysts said. 

Due to the volatility caused by the uncertainty in West Asia and falling crude oil prices, analysts expect the market to be rangebound, with stock-specific actions taking the lead. While some analysts maintain a positive view on the market, others say it is difficult to predict the direction of the market currently and have a negative bias.

The Nifty 50 is facing constant resistance at 25200–25250 levels and is unable to break through it. Despite a bearish formation on the technical charts Tuesday after closing off highs, analysts expect the Nifty 50 to retest the 25250 level on Wednesday. If the Nifty 50 breaks this level, then it may further rise to the 25500 level in the near term, analysts said. 

The Nifty 50 is expected to consolidate in a range of 24900 and 25300 points Wednesday. These levels will also act as the index's near-term support and resistance, respectively. Tuesday, the Nifty 50 closed at 25044.35 points, up 0.3%. The BSE Sensex ended at 82055.11 points, up 0.2%.

Market participants will continue to closely watch the developments in the conflict in West Asia and any comments by US President Donald Trump on the Israel-Iran conflict or tariffs. Any sharp movement in crude oil will also determine the market sentiment. At 1742 IST, the August Brent Crude contract on the Intercontinental Exchange was at $68.88 per barrel, down from $71.48 per barrel Monday and sharply lower than $77.01 Friday. A fall in crude oil prices will ease pressure on India's import bill, as crude oil is the largest item in India's import basket.

Continued buying by foreign investors will also likely aid positive sentiment in the market. The reason for the recent bullishness on Indian equities may be due to the country being considered a safer bet to invest in, due to macroeconomic stability, analysts had said.

On the macroeconomic front, domestic private sector activity likely expanded at a robust pace in June as the HSBC flash composite Purchasing Managers' Index rose to a 14-month high of 61.0 in June from 59.3 in May. This was likely on the back of a "record upturn in new export orders" leading to Indian firms scaling up their output, PMI compiler S&P Global said Monday.  End

Edited by Saji George Titus

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