Stock Market Exhibits Classic Profit Bookings at High Levels

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Nifty slips from day’s high after profit booking; Iran-Israel ceasefire lifts sentiment, refinery stocks shine

By S JHA

MUMBAI, June 24, 2025 – Indian stock markets ended on a mixed note Tuesday after a highly volatile session, as geopolitical developments, particularly the ceasefire between Iran and Israel, influenced investor sentiment globally. While the Nifty 50 closed with marginal gains of 0.27% at 25,044, the Sensex showed limited movement, weighed down by profit booking in the second half of the session.

The day began with a strong gap-up opening, buoyed by positive global cues and a tweet from US President Donald Trump confirming ceasefire talks in the Middle East. The Nifty surged over 180 points in early trade, crossing the 25,300 mark. However, the index lost steam in the second half, erasing most of its gains, suggesting investor caution at higher levels.

Key Market Highlights:

Nifty 50 closed 72 points higher at 25,044, forming a long upper wick, a classic sign of intraday profit booking, said Angel One in a note to clients.
The Bank Nifty formed a Doji candlestick on the daily chart, indicating indecision and potential consolidation ahead, stated StockEdge in a post-market analysis shared on its Telegram channel.
Sensex remained largely flat, reflecting muted large-cap action.
India VIX dropped by 3%, suggesting easing volatility and improved risk appetite.

Sectoral Performance:

All major indices ended in the green, with PSU Banks and Metals leading the charge.

Refinery stocks such as HPCL, BPCL, and IOC rallied sharply as easing geopolitical tensions supported oil marketing margins.
The financial sector saw broad-based strength, suggesting sustained buying interest.
IT stocks ended flat to mildly positive.

IPO Buzz and Global Influence:

The broader markets remained active, supported by ongoing IPO activity in Ellenbarrie Industrial Gases and Kalpataru Ltd., said StockEdge.
Global cues stayed supportive, with Dow futures up over 350 points, and Asian and European markets posting gains on ceasefire optimism.

Technical Snapshot:

Nifty futures premium expanded to 41 points, and RSI improved to 57, indicating a bullish undertone, according to Angel One.
Strong market breadth: 33 of 50 Nifty stocks advanced, reflecting positive momentum.
Key resistance zone remains at 25,200–25,300, aligning with the 78.6% Fibonacci retracement of the previous decline, added Angel One.
Support levels are pegged at 24,950, followed by 24,800.

Outlook:

While bulls managed to post gains, their inability to sustain higher levels remains a concern. Analysts suggest that unless Nifty decisively breaks above the 25,300 resistance zone, the market may remain in a range-bound consolidation phase. All eyes are now on further geopolitical developments and domestic macro cues that could shape near-term trends.

With volatility easing and strong sectoral participation, market sentiment remains cautiously optimistic. However, traders are advised to watch resistance levels closely and maintain discipline amid intraday fluctuations.

(Disclaimer: This article makes no recommendation for any kind of trades in the stock market)

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