23/06/2025
NIFTY-50 OUTLOOK Monday, June 23, 2025:
NIFTY-50 is looking strong. Today’s fall is mainly due to the Israel-Iran war. Within days, Nifty will cross the 25,500 levels. On the downside, the support is at a 20-day moving average of 24,850. Therefore, 24800 / 24750 will act as support.
The Relative Strength Index (RSI) of Nifty has crossed above 55 and is now at 59, signalling a bullish momentum. This may trigger further upside, potentially reaching new highs.
The Relative Strength Index (RSI) is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset. It oscillates between 0 and 100, with values above 70 generally indicating overbought conditions. In overbought conditions, a stock usually falls because it has been bought more than the average for the same period; therefore, a pullback may occur.
Values below 30 indicate an oversold condition. In an oversold condition, a stock usually goes up because its price looks attractive compared to a 30-day moving average of the price of the stock.
The Highest Call Open Interest (OI) is at 25,000 strikes.
The Highest Put Open Interest (OI) is at 24,500 for the weekly expiry.
BANK NIFTY OUTLOOK Monday, JUNE 23, 2025:
The Bank Nifty index has shown a strong momentum with a sharp bounce from the demand zone around the 54,200–54,800 range. 54,500 is a STRONG SUPPORT as of now.
The Relative Strength Index (RSI) of Banknifty is currently at 57.77 and turning upward, suggesting increasing bullish momentum without being overbought. Of course, if it crosses 70, then it will reach the overbought zone and may pull back.
The Highest Call Open Interest (OI) is at 57,000.
The Highest Put Open Interest (OI) has moved lower to 57,000 for the monthly expiry.
