NIFTY Index Chart Analysis

Indian markets have recently been on a roller-coaster ride, driven largely by geopolitical developments. However, the recent ceasefire agreement between Iran and Israel brought optimism to the Street, resulting in a cheerful opening on Tuesday. This positive sentiment pushed the Nifty 50 index out of its 700–750-point consolidation range, where it had been trading for over a month.[EasyDNNnews:PaidContentStart]

On an intraday basis, the Nifty 50 marked a fresh 2025 high of 25,317.70. However, profit booking of over 250 points from these elevated levels dragged the index back into its prior range. Consequently, a red candle with an upper shadow was formed on the daily chart, signifying buyers’ reluctance to commit at higher levels.

Technically, the Nifty continues to maintain a positive structure as it trades above the 20-day, 50-day, and 200-day moving averages. Moreover, positive market breadth reinforces the ongoing uptrend. These technical signals suggest that the index is likely to gradually sustain above the 25,200 level and potentially head towards 25,900 in the July–August period. This level represents the implied target of the ongoing consolidation phase between 25,200 and 24,450.

Structurally, the index has witnessed a shallow retracement—correcting only 3 per cent over the past five weeks— following a strong six-week rally. This indicates a robust price setup and positions the index for the next leg of its upward move. In the near term, volatility is expected to persist, influenced by ongoing geopolitical developments, the monthly expiry session, and tariff-related news. Hence, we suggest that any dips be considered buying opportunities.

On the downside, the 24,670–24,740 range is a critical support zone, followed by the sacrosanct support area of 24,450–24,550. Why is this zone considered sacrosanct? The answer lies in technical confluence—the low of the large bullish candle from May 15, 2025, lies within this zone, which also coincides with the 61.8 per cent Fibonacci retracement of the recent upmove from the May 9 low to the June 24 high. Additionally, the rising 50-EMA is also positioned in this area. As long as this zone remains intact, the positive structure of the index is expected to hold. However, a breach could trigger a sharp correction.

Overall, a violation of the 24,450–24,500 range seems unlikely unless a significantly negative event emerges. In the absence of such a trigger, the market is expected to remain range-bound. On the flip side, a close above the 25,200 level would pave the way for an upmove toward 25,700 and eventually 25,900. Sector rotation remains evident, favouring select Large-Cap, low-beta, and specific mid- and Small-Cap stocks. Until the Nifty decisively crosses and sustains above 25,200, we maintain a cautious stance. A highly stock-specific approach is recommended while protecting gains at elevated levels.

STOCK RECOMMENDATIONS
Delhivery Ltd ................................ BUY ................................ CMP ₹377.20
BSE Code : 543529
Target 1 .... ₹430 
Target 2 ..... ₹445 
Stoploss....₹341 (CLS)

Delhivery is India’s largest fully integrated logistics services provider. With a nationwide network covering over 18,800 pin codes, the company offers a range of logistics services, including express parcel transportation, PTL freight, TL freight, cross-border solutions, supply chain, and techno logy services. Since its inception, Delhivery has successfully fulfilled over 3.6 billion shipments and currently works with more than 44,000 customers, including large and small e-commerce players, SMEs, enterprises, and brands.

From a technical standpoint, the stock has moved above the pivot point of a month-long consolidation. This breakout was supported by strong volumes, which were above the 10-day and 30-day averages—indicating strong participation in favour of the trend. This suggests a resumption of the upward move and offers a fresh entry opportunity. Moreover, the breakout was accompanied by a sizable bullish candle, which further supports the bullish trend.

The 14-period daily RSI is in bullish territory and is sustaining above its 9-period average, reinforcing the positive bias. The ADX is above 30, and the +DI line is near 29 and inching higher, while the -DI line is trending lower—indicating the strength of the bullish trend. Considering the above factors, we recommend buying the stock with a stop loss of ₹341 and a target range of ₹430–₹ 445.

CESC LTD .................................... BUY ............................... CMP ₹166.55
BSE Code : 500084
Target 1 ...... ₹188 
Target 2 ..... ₹194 
Stoploss.....₹159 (CLS)

CESC is part of the RP-Sanjiv Goenka Group and is a vertically integrated power utility engaged in the generation, transmission, and distribution of electricity to consumers in its licensed areas, covering Kolkata and Howrah. As of March 31, 2025, the company operates three thermal (coal-based) power stations with a total generating capacity of 1,125 MW (operating capacity: 885 MW), serving 3.4 million consumers within its 567 sq. km licensed area.

After registering a swing high of ₹177 in May 2025, the stock corrected nearly 10% from that level. Interestingly, during this corrective phase, the stock repeatedly found support around the opening upside gap area of May 12, 2025—indicating strong support at that zone. Recently, the stock moved above its 20-DMA, and the 14-period daily RSI has generated a buy signal by crossing above its 9-period average, validating the positive bias. Considering the above factors, it is likely that the stock will continue its upward momentum and reach the ₹188– ₹194 range. For long positions, a stop loss of ₹159 is advised.

*LEGEND:  ◼ EMA - Exponential Moving Average.  ◼ MACD - Moving Average Convergence Divergence  ◼ RMI - Relative Momentum Index  ◼  ROC - Rate of Change  ◼ RSI - Relative Strength Index
(Closing price as of June 24, 2025)

Disclaimer : Above recommendations are based on various technical parameters and any fundamental input has not been considered for the recommendations. Follow strict stop loss for the recommendation.

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