Nifty Prediction for Wednesday, June 17: Bullish ‘inside bar’ pattern! Experts expect further gains, eye 24000 breakout – Technical levels to watch – Markets

Nifty gainers and losers on Tuesday, June 16

Nifty Prediction for Wednesday, June 17 by experts

Market experts believe the broader trend remains positive, although the index faces a key hurdle around the 24,000-24,100 zone.

Nifty Prediction for Wednesday, June 17 by Sachin Gupta

According to Sachin Gupta, VP – Research, Technical Research at Choice Broking, the Nifty has formed a bullish inside-bar-like candlestick pattern on the daily chart, indicating consolidation within the previous session’s range while maintaining a positive bias.

The pattern, he said, suggests that buyers continue to remain active at lower levels and that the broader uptrend remains intact.

“Indian equity benchmark Nifty index witnessed a positive close on June 16, 2026. The index opened with a gap-up of 70.00 points at 23,923.90 compared to the previous close of 23,853.90. After a positive start, the index witnessed some profit booking in the first half, which dragged it to an intraday low of 23,888.20. However, buying interest emerged in the second half of the session, helping the index recover steadily and register an intraday high of 24,002.60. The Nifty eventually settled near the day’s high at 23,989.15, ending the session with a gain of 135.25 points or 0.57%,” Gupta said.

From a technical perspective, Gupta stated the immediate support is placed in the 23,750-23,800 zone, while resistance is observed in the 24,150–24,200 range. “The Relative Strength Index (RSI) stands at 59.02, indicating strengthening momentum and improving bullish sentiment in the market. The volatility index, India VIX, declined sharply by 6.89% to close at 13.36, indicating easing volatility and improved risk appetite among market participants,” he noted.

“In the derivatives segment, notable call writing was observed at the 24,000 and 24,200 strikes, while put writing was concentrated at the 24,000 and 23,900 levels, suggesting strong support near the 24,000 zone and resistance around higher levels,” he further said.

Sectorally, the market witnessed broad-based buying interest. Realty, IT, Media, Consumer Durables, IT Thematic, FMCG, Oil & Gas and Finserv indices emerged as key gainers, while Metal, Healthcare, Auto, Pharma and Cement indices witnessed mild profit booking. Broader market breadth remained positive, with advancing stocks comfortably outnumbering declining stocks, indicating healthy participation across the broader market, he added.

“Markets witnessed a positive trading session with both benchmark indices opening higher and sustaining their gains through the day. While Nifty managed to close near its intraday high on the back of renewed buying interest during the second half, Bank Nifty spent most of the session consolidating after an initial bout of selling pressure. Sectoral participation remained encouraging with strength visible across Realty, IT, Media and Consumer-oriented segments, while broader market breadth also remained healthy, Gupta said.

For Wednesday’s trading session, Gupta said, “Going forward, sustained movement above immediate resistance levels could pave the way for further upside momentum, while support zones continue to provide a strong cushion against short-term corrective moves.”

Nifty Prediction for Wednesday, June 17 by Vipin Dixena

SEBI-registered market analyst, Vipin Dixena said Nifty is consolidating just below the crucial 24,000 resistance after a sharp rally.

“The index remains above the rising 50-EMA, indicating bullish momentum, while RSI is cooling from overbought levels,” he said, adding a breakout above 24,000 can trigger fresh upside towards 24,500 while support is placed at 23,800.

Falling crude oil prices, easing geopolitical tensions in West Asia, and renewed FII buying continue to support market sentiment, he further stated.

Nifty Prediction for Wednesday, June 17 by Nagaraj Shetti

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said a reasonable positive candle was formed on the daily chart on Tuesday that placed beside the small red candle of previous session.

“After witnessing a sharp upmove on the back of easing West-Asia conflict on Monday, Nifty continued to show up move amidst range bound action on Tuesday and closed the day higher by 135 points. After opening on a positive note, the market was not able to surpass the immediate resistance around 24000-24100 levels for better part of the session. The range bound movement was seen with positive bias for the whole session,” he said.

The opening upside gap of Monday remains intact with partially filled after two sessions of its formation. This is positive indication and this up gap could be considered as a bullish breakaway gap which is normally formed near important bottom reversals, Shetti stated.

According to Sehtti, the underlying trend of Nifty continues to be positive. “A sustainable move above 24000-24100 levels could open further upside towards 24500 levels in the near term. Immediate support is placed at 23800 levels,” he concluded.

Broader markets, sectoral indices on Tuesday, June 16

The Nifty MidCap index advanced 0.41 per cent, while the Nifty SmallCap index gained 0.42 per cent.

Sector-wise, real estate, media and consumer durables stocks led the gains. The Nifty Realty, Nifty Media and Nifty Consumer Durables indices outperformed the broader market.

In contrast, metal stocks remained under pressure, with the Nifty Metal index emerging as the biggest sectoral loser of the day.

(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.)