Indian equities remained under selling pressure on Monday, 23 June 2025. Geopolitical tensions, elevated crude oil prices, and cautious domestic sentiment weighed on key benchmarks, with the Nifty50, Sensex, and Bank Nifty all registering notable intraday losses. While the broader indices struggled, select pockets like defence stocks outperformed, providing traders opportunities in otherwise weak markets. This report offers detailed technical analysis for Nifty50, Sensex, Bank Nifty, BEL, and Infosys, highlighting price movements, chart patterns, key levels, and trading cues.
Nifty50: Struggling to Hold Key Supports
The Nifty50 index opened with a gap-down and failed to recover meaningfully during the session. The index’s inability to defend the psychological 25,000 mark triggered further weakness, bringing support zones into play.
Intraday Price Action
- Opened at 24,965.15, quickly lost ground to test the 24,920 level.
- Stabilized briefly near 24,870 during late morning but faced renewed selling on every bounce.
- Afternoon saw range-bound trade between 24,880 and 24,910, with no breakout.
Key Technical Levels
- Support: 24,870 remains critical. Below this, Nifty could fall towards 24,750–24,700.
- Resistance: 25,000–25,050. Bulls need to reclaim this zone to neutralize immediate bearish bias.
Technical Indicators
- RSI (hourly): Hovered around 35, indicating proximity to oversold territory but no reversal signal yet.
- MACD: Negative, with the MACD line below the signal line, reinforcing downside momentum.
Sensex: Downward Bias Persists
The Sensex mirrored Nifty’s trajectory, opening weak at 81,919.25 and facing sustained selling through the session.
Intraday Price Action
- Early trade saw a decline to 81,850 and later to around 81,750.
- A minor attempt to recover above 81,780 failed as supply continued to overpower demand.
- The index stayed in a tight band through the afternoon, with no strong buying seen.
Key Technical Levels
- Support: 81,600, followed by 81,300.
- Resistance: 82,000–82,100.
Technical Indicators
- RSI (hourly): Around 36–38, indicating weak momentum.
- Volume: Heavier during declines, highlighting stronger bear control.
Bank Nifty: Financials Under Pressure
The Bank Nifty index also witnessed sustained weakness as financials succumbed to profit-booking and caution. The index tracked the overall bearish mood but tried to find some stability in late afternoon trade.
Intraday Price Action
- Opened weak, slipped below 56,000 early, testing intraday lows around 55,950.
- Attempts to recover above 56,050 failed to attract follow-through buying.
- The index oscillated in a narrow 100-point range for much of the afternoon.
Key Technical Levels
- Support: 55,950–55,784 is the immediate demand zone. A breach could open room for a fall toward 55,500.
- Resistance: 56,300–56,512 are levels to watch for any recovery attempt.
Technical Indicators
- RSI (hourly): Around 37, signaling bearish momentum but approaching oversold territory.
- Price Structure: The index has formed lower highs on intraday charts — a sign of ongoing weakness unless broken convincingly.
Commentary
Bank Nifty’s price action reflects sector caution amid global uncertainties and domestic liquidity watch. PSU banks showed relatively better resilience, while private lenders led the decline. Stability above 56,300 is needed to inspire confidence.
BEL: The Outperformer in a Weak Market
Bharat Electronics Ltd (BEL) provided a silver lining, with steady gains during the session, driven by positive order inflows and sector sentiment.
Intraday Price Action
- Opened near ₹300 and consistently moved higher, crossing ₹310 in afternoon trade.
- Formed a clear pattern of higher lows and higher highs intraday.
Key Technical Levels
- Support: ₹308, with stronger support at ₹305.
- Resistance: ₹315 initially, followed by ₹318–₹320.
Technical Indicators
- RSI: Around 65 on the hourly chart, indicating strong momentum but still shy of overbought levels.
- Moving Averages: Trading comfortably above 20-period and 50-period hourly averages.
Commentary
BEL’s price structure remains bullish. Traders can consider trailing stop-loss orders to protect gains, while positional traders may target ₹320+ on further strength.
Infosys: Weakness Continues in IT
Infosys was among the notable laggards, with no sign of sustained buying through the day.
Intraday Price Action
- Fell below ₹1,650 early and stayed weak, testing ₹1,635 during mid-morning trade.
- Brief consolidation attempts at ₹1,638–₹1,640 lacked volumes and failed to hold.
Key Technical Levels
- Support: ₹1,630, with potential to fall to ₹1,620–₹1,610 on further weakness.
- Resistance: ₹1,650 immediate, ₹1,660 stronger resistance.
Technical Indicators
- RSI: Around 34, nearing oversold zones, but no reversal confirmation yet.
- MACD: Continued negative crossover.
Commentary
Infosys reflects sector weakness amid global tech caution. A break below ₹1,630 could accelerate the fall, while stability above ₹1,650 is needed for any relief rally.
Sectoral and Market Sentiment Overview
The overall market mood remained cautious:
- Defence and oil upstream sectors outperformed.
- IT and FMCG weighed heavily on the indices.
- Midcap and smallcap indices were relatively more stable, with selective buying seen in industrial and defence-related names.
Volatility stayed elevated, and FIIs were net sellers as of midday data. Rising crude prices and global tensions continued to dictate sentiment.
Future Outlook
For the next sessions:
- Watch if Nifty50 can defend 24,870 and Sensex 81,600; breakdowns could trigger further declines.
- Bank Nifty stability above 56,300–56,500 would be critical for market sentiment recovery.
- Sector rotation into defensives may continue until clarity emerges on global risks.
Traders should favor stock-specific approaches and maintain tight stops in this environment.
Summary
In summary, the market’s technical picture as of 23 June 2025 highlights a fragile environment:
- Nifty50 and Sensex are at critical supports, with bearish bias intact.
- Bank Nifty shows continued caution in financials but may stabilize if key supports hold.
- BEL stands out as a technical outperformer, maintaining bullish structure.
- Infosys remains weak, with further downside risk unless reversal patterns emerge.
A sustained recovery requires improvement in global sentiment and buying support at key technical levels.
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