19th June 2026 — Dhanam’s Nifty Report — 24000 conquered yet again

Nifty Stance: Slightly Bullish

We began this week with a 358-pt gap-up (~1.52%), mostly due to the signing of the peace deal between Iran and the US on 14th Jun. This also meant we broke two resistance levels, i.e., 23793 and 23925, in a single go. Nifty had a really good day on Thursday and tried to take out the 24192 resistance, but we fell short of time. On Friday, we woke up to bad news from Accenture, which had to cut its yearly earnings guidance; this really impacted the Indian IT stocks: Infy (-6.75%), TCS (-3.55%), and HCLTECH (-2.59%). Despite this, the Nifty managed to close above the psychological 24,000 level.

The faster EMA remains above the slower EMA, and our stance remains bullish. However, the ADX (Average Directional Index) has fallen below 20 (18.56), indicating range-bound trading yet again. If we see a further drop in momentum, then we could even see an EMA crossover to the bearish side.

Important Things to Watch for the Next Week

1. Data points to watch from a domestic perspective: Infrastructure Output, HSBC PMIs, Deposit Growth, FX reserves and M3 money supply. 26th June is a holiday due to Muharram.
2. Data points to watch from a global perspective: S&P Services and Manufacturing PMI, Crude Oil Inventories, and US GDP (Q1)
3. IPO Listing: Clay Craft, Diksha Polymers, Leapfrog Engineering Services, and Liotech Industries on 24th June.
4. If Nifty moves up, the resistance levels are 24192, 24335, and 24425. If Nifty falls, the support levels are 23925, 23793, and 23357.

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