Nifty Prediction for Tuesday, June 30: Indian equity markets ended lower on Monday, June 29, as investors booked profits and remain cautious over renewed geopolitical hostilities regarding the sustainability of the interim peace agreement between the United States and Iran and rising oil prices.
As markets enter a fresh trading session on Tuesday, June 30, analysts expect the key benchmark index, Nifty, to remain range-bound, with 23,800 as the key support, while the 24,100-24,250 zone is likely to act as immediate resistance.
Nifty 50 at close on Monday, June 29
Nifty top gainers and losers on Monday, June 29
Nifty Prediction for Tuesday, June 30 by experts
Analysts believe Tuesday’s session is likely to be driven by whether the Nifty manages to defend the 23,800 support area. Further, the technical analysts predict that tomorrow’s session will likely be characterized by defensive trading and consolidation.
According to Sachin Gupta, Vice President – Technical Research at Choice Broking, the benchmark index has formed a bearish candlestick on the daily chart after failing to hold early gains, indicating sustained selling pressure during the latter half of Monday’s session.
“The close near the day’s low indicates that bears maintained control, with buyers failing to regain momentum after the initial strength,” he said.
From a technical perspective, Gupta said immediate support is placed in the 23,750–23,800 zone, while resistance is observed in the 24,100–24,150 range. The Relative Strength Index (RSI) stands at 53.89, indicating neutral momentum with a slightly positive bias despite the day’s weakness, he said.
He added that the volatility index, India VIX, rose 4.29% to close at 13.61, indicating a modest increase in market volatility and cautious sentiment among participants. In the derivatives segment, notable call writing was observed at the 24,000 and 24,100 strikes, while put writing was concentrated at the 24,000 and 23,800 levels, suggesting immediate resistance around the 24,000–24,100 zone while support remains near the lower strike.
Gupta said, “Indian equity benchmark Nifty index witnessed a negative close on 29th June 2026. The index opened with a marginal gap-up of 5.75 points at 24,061.75 compared to the previous close of 24,056.00. Buying interest dominated the first half of the session, pushing the index to an intraday high of 24,120.00. However, selling pressure emerged towards the end of the first half, dragging the index into negative territory. The weakness persisted throughout the remainder of the session, with the index slipping to an intraday low of 23,924.55 near the close before finally settling at 23,946.25, ending the day with a decline of 109.75 points or 0.46%.”
Sectorally, the market witnessed a broadly negative trend with Auto, IT, Media, Oil & Gas, Chemicals, Cement, Consumer Durables, PSU Banks, Realty, and Private Banks ending in the red. On the other hand, Pharma, Healthcare, Metals, Midcap Healthcare, and Nifty 500 Healthcare outperformed and provided some support to the broader market. Market breadth remained weak, with 2,036 declines against 1,330 advances, indicating that selling pressure was widespread despite resilience in select defensive sectors, he added.
- 20 Day EMA – 23,822.55
- 50 Day EMA – 23,847.25
- 100 Day EMA – 24,135.44
- 200 Day EMA – 24,435.16
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said that a small negative candle was formed on the daily chart with minor upper and lower shadow.
“Technically this market action signals failed breakout of the hurdle and also range movement at 24200 levels. This could signal more weakness down to the lower range of around 23800 likely ahead,” he said.
He further said that after showing weakness from the crucial resistance of around 24200 on Thursday, Nifty continued with decline amidst choppy movement on Monday and closed the day lower by 109 points. “After opening on a flat note, the market failed to sustain the early session bounce and later slipped into weakness amidst range movement in the mid to later part of the session,” Shetti further stated.
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Nifty Daily Chart – June 29, 2026
He expects the market to remain volatile over the next one to two sessions before attempting a rebound. “The short-term trend of Nifty has turned weak with range bound action. There is a possibility of more choppy movements in the next 1-2 sessions before bouncing back again from the lows. The next lower supports to be watched at 23800 levels and immediate resistance is placed at 24250,” the expert concluded.
Sectoral indices on Monday, June 29
Among sectoral indices on the NSE, only Nifty Pharma and Nifty Metal managed to close higher. Nifty Pharma gained 1.03 per cent, while Nifty Metal rose 0.80 per cent.
All other major sectoral indices ended in the red. Nifty Auto fell 2 per cent, Nifty IT declined 1.07 per cent, Nifty FMCG slipped 0.59 per cent, Nifty Media lost 1.32 per cent and Nifty PSU Bank dropped 0.95 per cent.
On Thursday, the Sensex settled 109.25 points, or 0.14 per cent, higher at 77,100.47. The Nifty rose by 34.35 points, or 0.14 per cent, to end at 24,056.
(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.)
