24,000 In Focus: Nifty
Dhupesh Dhameja,
Derivatives Research Analyst,
SAMCO Securities
Mumbai, 16 June 2026: Nifty extended its recovery for the second consecutive session and closed at 23,989.15, up 135.25 points (+0.57%), inching closer to the psychological 24,000 mark.
Derivatives Analysis Report
24,000 in Focus: Nifty Builds Strength Above Key Averages Amid Improving Sentiment
The index continued to trade above its 50-DEMA, placed near 23,781, reinforcing the positive shift in the short-term trend. However, despite the constructive close, the market remains positioned just below a crucial supply zone of 24,000–24,050, where sellers have repeatedly emerged in recent sessions.
Technically, the structure has improved considerably after the sharp rebound from the 23,050–23,200 support zone. The index is now sustaining above both the 50-DEMA and 23,850, indicating that buyers remain in control. The latest price action also suggests a gradual formation of higher lows, reflecting improving market participation. A decisive breakout above 24,000–24,050 could trigger fresh momentum and open the path towards 24,250–24,500.
Momentum indicators continue to strengthen, with the RSI surging to 59.02, its highest reading in recent weeks, while remaining firmly above its signal line and the neutral 50 mark. The sharp improvement in RSI highlights strengthening bullish momentum and supports the ongoing recovery.
From a derivatives perspective, the setup has turned increasingly supportive. Significant Put Open Interest is concentrated at 23,900 and 23,800 strikes, reinforcing a strong support base near current levels. Interestingly, the 24,000 strike has emerged as a key battleground with substantial Open Interest accumulation on both the Call and Put side, indicating heightened positioning around this psychological level and suggesting that a decisive move beyond it could trigger a directional expansion. Beyond this, notable Call Open Interest is visible at 24,500, identifying it as the next major resistance zone. The PCR stands at 1.04, reflecting a balanced-to-positive positioning with Put writers maintaining a slight edge over call writers. Adding further support to the bullish undertone, India VIX declined sharply by 6.90% to 13.36, marking one of the lowest readings in recent months. The continued decline in volatility reflects improving risk appetite and reduces the probability of sharp downside swings in the near term.
For the upcoming session, 23,850–23,800 remains the immediate support zone, while 24,000–24,050 is the key hurdle to watch. As long as Nifty sustains above the 50-DEMA, the bias remains positive. A decisive breakout above 24,050 could accelerate the move towards 24,250–24,500, while any dip towards support levels is likely to attract buying interest.
Nifty Bank Consolidates with Strength
Nifty Bank ended the session at 57,297.15, up by 98.35 points (+0.17%), extending its recent recovery trend while consolidating just below a crucial resistance cluster. Although the gains were modest, the index continues to trade comfortably above its 200-DEMA, placed near 56,125, reinforcing the broader bullish structure and highlighting sustained institutional participation.
Technically, the index remains in a strong position after reclaiming the 200-DEMA and witnessing a sharp short-covering rally over the past few sessions. However, the latest candle reflects some hesitation near the 57,300–57,500 supply zone, where profit booking emerged after an initial attempt to extend gains.
Despite this, the ability to hold above the 57,000 mark suggests that buyers remain firmly in control and are absorbing selling pressure effectively.
Momentum indicators continue to favor the bulls. The RSI has strengthened to 67.72, its highest level in recent weeks, and remains well above both the neutral 50 mark and its moving average, indicating strong momentum and improving market breadth within the banking space. The sharp rise in RSI also confirms the strength of the recent breakout move.
From a derivatives perspective, the setup remains constructive. Significant Put Open Interest is concentrated at 57,000 and 56,000 strikes, establishing a strong support base beneath current levels. On the upside, major Call Open Interest is visible at 57,500 and 58,000 strikes, identifying these levels as immediate hurdles. The PCR stands at 1.05, reflecting a positive undertone and relatively balanced positioning, while continued Put writing near support levels suggests traders are maintaining a bullish bias.
For the next session, 57,000 remains the immediate support zone, while 57,500–57,600 continues to be the key breakout hurdle. A decisive close above this resistance band could trigger fresh momentum buying and pave the way towards 58,000–58,650. On the downside, as long as Nifty Bank sustains above the 200-DEMA and 56,500, the broader structure remains positive and dips are likely to attract buying interest.
Technical Analysis Report
Nifty inches closer to 24,000; VIX Drops Further
Om Mehra, Technical Research Analyst, SAMCO Securities
Nifty ended the session at 23,989.15, up 0.57%, forming a bullish continuation pattern on the daily chart. The index touched an intraday high of 24,002.60, briefly crossing the 24,000 mark before settling marginally below it. On the hourly chart, a rounding bottom pattern is visible, with the index recovering steadily from lower levels.
The Supertrend indicator on the daily chart is placed at 24,030, and a close above this level would be a significant trigger for the next leg of the rally.
The RSI is positioned at 59, and it reflects that Momentum is strengthening.
The MACD has witnessed a positive crossover, further supporting the improving trend.
India VIX declined sharply by 6.90% to close at 13.36. The 24,030–24,100 zone, which coincides with the Supertrend level, will act as the immediate resistance area. A decisive close above this band could pave the way for a move towards 24,300–24,380. On the downside, the 23,880–23,800 zone has now turned into a key support area. As long as the index holds above this zone, the near-term outlook remains bullish.
Nifty Bank ended the session at 57,297.15, up 0.17%, forming a small-bodied candle on the daily chart following sharp surge witnessed in the previous session.
The index is now trading comfortably above all key moving averages, indicating that the broader trend remains firmly supportive.
Within the banking space, Nifty Private Bank gained 0.38%, while Nifty PSU Bank slipped 0.21%, reflecting a mixed performance across the segment, with private banks continuing to lead the recovery.
The RSI is placed at 68, sustaining in the higher momentum zone and indicating continued strength. The MACD remains above the zero line, with the histogram expanding positively, suggesting that bullish momentum is intact.
The 57,800–58,000 zone will act as the immediate resistance band. A sustained move above this range on a closing basis could open the door for further upside. On the downside, 56,800, followed by 56,600, remains the key support zone. As long as the index holds above these levels, the broader trend is expected to remain bullish.
