Sensex Prediction for tomorrow, June 17: Indian benchmark equity indices Sensex and Nifty extended their winning streak for the third consecutive day on Tuesday, driven by a positive trend in global markets, softening crude oil prices following a peace deal between the US and Iran and returning foreign fund inflows.
Looking ahead to Wednesday’s trading session, market experts maintain a constructive outlook but advise watching key technical thresholds.
Created with AI. Errors are possibleSensex close higher on Tuesday, June 16
The 50-share NSE Nifty climbed 135.25 points, or 0.57 per cent, to end at 23,989.15.
In three straight sessions, Sensex jumped 2,975.93 points, or 4 per cent, and the Nifty climbed 827.55 points, or 3.57 per cent.
Despite intermittent volatility, Shah said the benchmark index maintained a positive undertone throughout the day, supported by strength in banking, telecom, and financial counters. The sharp rebound from lower levels indicates improving market sentiment, with investors actively accumulating quality large-cap stocks and helping the index finish near the day’s highs.
Sensex gainers and losers on Tuesday, June 16
Among the 30 Sensex firms, HCL Tech rose the most by 3.59 per cent a day after the IT major announced a Rs 1,427 crore investment in government-backed sovereign AI model developer Sarvam AI for a 10.46 per cent stake.
Among the top contributors to the rally were Reliance Industries, HDFC Bank, Bharti Airtel, ICICI Bank, and Bajaj Finance, which provided significant support to the benchmark. On the other hand, SBI, Maruti Suzuki, Tata Steel, and UltraTech Cement emerged as the key laggards, limiting the overall gains, Shah stated.
Sensex Prediction for Wednesday, June 17 by experts
With market momentum firmly intact, technical analysts expect the rally to test new resistance levels on Wednesday, June 17, provided the index can clear immediate overhead hurdles.
Sensex Prediction for Wednesday, June 17 by Aakash Shah
Shah said Sensex continues to trade above its 50-day and 100-day EMAs, suggesting that the broader trend remains constructive despite short-term consolidation. “Momentum indicators are relatively stable, with the RSI positioned at 60.51, indicating healthy strength and scope for further upside if buying momentum improves,” he added.
From a technical perspective, Shah said the Sensex continues to exhibit positive momentum after reclaiming key support levels. Immediate resistance is placed near 77,300, followed by 77,400, while the 76,300–76,400 zone is expected to act as a strong support area.
“A sustained move above the resistance band could trigger further upside momentum, whereas the support zone is likely to attract buying interest on any corrective decline,” Shah concluded.
Sensex Prediction for Wednesday, June 17 by Vipin Dixena
According to SEBI-registered analyst, Vipin Dixena, Sensex has recovered sharply from the 76,200 support zone and is now testing the crucial 76,900 resistance level after a strong rebound.
“The index remains well above the rising 50-EMA, indicating sustained bullish momentum, while RSI is holding in positive territory despite some consolidation near resistance,” he said.
Dixena further stated a decisive breakout above 76,900 could pave the way for a move towards 77,200–77,500, whereas immediate support is placed at 76,200.
For Wednesday, the analyst said, “Market sentiment remains positive, supported by easing geopolitical tensions in the Middle East, softer crude oil prices, and continued FII buying, keeping the broader bias bullish as long as support levels hold.”
Broad markets, sectoral indices on Tuesday, June 16
Broader markets also ended higher. The BSE MidCap Select index climbed 0.64 per cent and SmallCap Select index went up by 0.59 per cent.
Sectorally, Realty jumped 2.27 per cent, Focused IT (1.72 per cent), IT (1.66 per cent), FMCG (1.12 per cent), Energy (1 per cent) and Oil & Gas (0.85 per cent). Metal, Commodities and Auto were among the laggards.
A total of 2,368 stocks advanced, while 1,886 declined and 153 remained unchanged on the BSE.
Foreign Institutional Investors (FIIs) turned buyers on Monday, purchasing equities worth Rs 200.05 crore on net basis, according to exchange data.
The US and Iran reached an agreement on Sunday to reopen the Strait of Hormuz, a move expected to facilitate the resumption of oil and natural gas shipments through one of the world’s most important energy transit routes. Details of the agreement have not been made public.
Iran has indicated implementation will begin only after a formal signing ceremony, which Pakistan, a key mediator in the negotiations, said is scheduled to take place in Switzerland on Friday.
On Monday, the Sensex jumped 736.38 points, or 0.97 per cent, to settle at 76,264.33. The Nifty surged 231 points, or 0.98 per cent, to end at 23,853.90.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
