by Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities
🕗 Last Update: 24 June 2026, 6.00 PM for 25 June 2026 Trading
Nifty Bounces Back Strongly, Faces Crucial Test Near 100-DEMA
Nifty staged a sharp recovery after the previous session’s weakness and closed at 24,021.65. It gained 197.55 points (+0.83%). The index witnessed strong buying interest from lower levels and reclaimed the crucial 24,000 mark, indicating that buyers continue to defend key support zones aggressively.
From a technical perspective, Nifty is currently trading above its 20-DEMA (23,784) but remains below the 100-DEMA (24,141), placing the index between two important moving averages. This suggests that while short-term momentum has improved, the medium-term trend confirmation will require a decisive breakout above the 100-DEMA zone. The recovery from the 23,800–23,850 support zone is encouraging, as this area has repeatedly attracted buying interest over the past few sessions. Immediate resistance is now placed around 24,140–24,150, which coincides with the 100-DEMA and a key supply zone. A sustained move above this hurdle could trigger a fresh rally towards 24,300–24,500. On the downside, 24,000 remains the immediate support, followed by 23,800–23,550.
Momentum indicators have improved following the rebound. The RSI has recovered to 56.24 and remains above its moving average, indicating strengthening momentum after the recent pullback.
From a derivatives perspective, the setup has turned constructive. The PCR stands at 1.18, reflecting a positive undertone. Option chain data shows substantial Put Open Interest at 24,000 and 23,500 strikes, reinforcing these levels as key support zones. On the upside, significant Call Open Interest is visible at 24,500 and 25,000 strikes, which may act as immediate resistance levels. Fresh Put additions around the 24,000 strike suggest traders are building a support base near current levels. Meanwhile, India VIX declined 4% to 13.39, indicating easing volatility and improving risk appetite.
Overall, the sharp recovery has improved near-term sentiment, but Nifty still faces a crucial test near the 100-DEMA at 24,140–24,150. A breakout above this zone could strengthen bullish momentum, while failure to do so may keep the index range-bound in the near term.
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Nifty Bank Stages Powerful Bullish Reversal; 60,000 Back on Radar
The Nifty Bank index staged a powerful rebound on June 24, closing at 58,150.35, up 966.60 points (+1.69%), forming a strong bullish engulfing candle on the daily chart. The index not only recovered sharply from the key support zone of 57,000–57,100 but also surpassed its previous week’s high, completely engulfing the price action of the last seven trading sessions, signalling a decisive shift in short-term sentiment.
Technically, the index continues to trade comfortably above its 10-DEMA, placed near 57,167, indicating that the short-term trend remains firmly positive. The strong recovery from support suggests aggressive buying interest at lower levels and reinforces the higher-high, higher-low structure that has been developing over the past few weeks.
Momentum indicators remain supportive, with the RSI rising to 66.46, comfortably above its moving average of 61.93, highlights strengthening bullish momentum without entering extreme overbought territory.
From a derivatives perspective, the undertone remains positive. The overall Put-Call Ratio (PCR) stands at 1.18, indicating stronger Put positioning and a bullish bias among market participants. Option chain data shows significant Put Open Interest accumulation at 58,000 and 57,500 strikes, reinforcing these levels as key support zones. On the upside, the highest Call Open Interest is concentrated at 60,000, followed by 59,000 and 58,500 strikes, which may act as immediate resistance levels. The continued Put writing at lower strikes suggests traders expect the index to sustain above the 58,000 mark in the near term.
The overall setup suggests that bulls have regained control after defending a crucial support zone. As long as Nifty Bank sustains above 58,000–57,500, the index may continue its upward trajectory towards 58,600–58,800, while a decisive breakout above this zone could open the door for a move towards the psychological 60,000 mark in the coming sessions.
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