Indian Markets Open Firm, Led By Rally In PSU Banks, Infra Stocks; SEBI RAs Caution On Resistance Near 25,000

Stocktwits - Indian markets traded in the green early on Friday, with the Nifty above the 24,850 level, despite the escalating geopolitical tensions.

The White House announced that U.S. President Donald Trump would decide within two weeks on potential U.S. military support for Israel.

At 9:50 a.m. IST, the Nifty 50 traded 76 points higher at 24,869, while the Sensex rose 277 points at 81,639. Broader markets recovered slightly from Thursday’s selloff, with the Nifty Midcap index gaining 0.25%.

The retail sentiment on Stocktwits for Nifty has moved to ‘bearish’ from ‘extremely bearish’ yesterday.

Nifty sentiment and message volume on June 20 as of 10:00 am IST. | source: StocktwitsSectorally, it’s a mixed trend. IT, media, and consumer durables witnessed some selling pressure. Rest of the indices traded in the green, with real estate and PSU banks leading the gains.

PFC and REC (NSE:RECM) shares gained over 4%, while IREDA and HUDCO rose 2% after the Reserve Bank of India (RBI) eased provisioning norms for project financing in infrastructure and commercial real estate projects.

Sun TV (NSE:SUTV) shares fell over 2% amid a legal dispute between the Maran brothers. DMK MP Dayanidhi Maran has issued a legal notice to his brother, Kalanithi Maran, concerning share transactions.

Varun Beverages surged nearly 3%, as Goldman Sachs (NYSE:GS) maintained a ‘Buy’ rating with a target of ₹600, indicating 33% upside potential.

Kaynes Technologies shares gained nearly 2% after the company’s board approved raising funds via QIP with a floor price of ₹5,625.75 per share.

GMM Pfaudler gained nearly 2% on winning a contract worth ₹330 crore. Suzlon, too, gained over 1% after receiving its third successive order from AMPIN to develop in Andhra Pradesh. Axiscades Technologies extends its rally with a 3% gain on Friday, driven by a new pact with Aldoria.

HDFC Bank (NSE:HDBK) gained 0.5% as HDB Financial Services, a subsidiary, is set to launch its highly anticipated ₹12,500 crore IPO between June 25 to 27.

Northern Arc shares dipped by about 8% after a large trade deal.

From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup.

Ashish Kyal noted that a 15-minute close below 24,730 for the Nifty could increase selling pressure and push the index to 24,650. On the flip side, a breakout above 24,850 will likely trigger gains until the 24,920 levels.

Kyal advised traders to focus on smaller, intraday moves as long as Nifty continues to trade in the 24,650-24,920 range.

Prabhat Mittal pegged immediate support for the Nifty at 24,480 and resistance at 24,920, while he placed Bank Nifty support at 55,150 and resistance at 55,800.

A&Y Market Research pegs Nifty resistance between 24,746-24,811 and support at 24,461-24,490. For the Bank Nifty, they see intraday resistance at 55,930-56,050 and support between 55,443-55,557.

And analyst Sameer Pande sees Nifty support at 24,800-24,500 and resistance at 25,000-25,200.

Globally, Asian markets traded mixed as tensions in the Middle East weigh on sentiment. Meanwhile, China’s central bank kept its interest rates unchanged on Friday.

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