Nifty Prediction For June 15: Analysts See 24,000 Target If Index Breaks 23,800

Nifty 50 enters the new trading week with positive momentum after gaining 1.1% and closing at 23,622.90. Market sentiment improved on optimism surrounding US-Iran negotiations, easing concerns over energy supply disruptions and supporting risk appetite across global markets.

What Drove The Market Rally?

Investor confidence improved after reports suggested progress in diplomatic discussions between the United States and Iran. Lower geopolitical tensions helped stabilize crude oil prices and improve market sentiment.

Domestic sentiment also received support from recent RBI measures aimed at attracting foreign currency inflows through forex swap facilities for eligible ECBs and FCNR(B) deposits.

Nifty Technical Outlook: 23,800 Remains The Key Hurdle

Ajit Mishra of Religare Broking believes Nifty has regained strength after moving above its 20-day moving average near 23,500. Immediate support is seen in the 23,000-23,100 zone, while 22,800 remains a stronger support level.

The key resistance level remains 23,800. A decisive breakout above this mark could pave the way for a move toward 24,200 and eventually 24,600.

Pravesh Gour of Swastika Investmart also identifies 23,800 as the critical resistance level. According to him, immediate resistance is placed at 23,725 and 23,800, while support lies at 23,250 and 23,150.

Bank Nifty Continues To Lead

Bank Nifty gained more than 4% during the week and reclaimed its 100-DEMA and 200-DEMA levels. Analysts expect the index to move toward 57,500, while a breakout could trigger an extended rally toward 59,000.

Key Triggers For Markets This Week

Investors will monitor the US Federal Reserve policy meeting, crude oil prices, FII activity, India's wholesale inflation data, trade figures, forex reserves and progress of the monsoon season.

Outlook

The near-term trend remains positive as long as Nifty holds above the 23,250-23,100 support zone. A sustained move above 23,800 could push the index toward 24,000 and 24,200. However, renewed geopolitical tensions or hawkish signals from the Federal Reserve may trigger profit booking.