Indian benchmark equity indices Sensex and Nifty rallied for a fifth consecutive session on Thursday, buoyed by encouraging developments on the geopolitical front and easing crude oil prices.
The market experts believe the day’s momentum has set a decisively bullish stage for the final trading session of the week on Friday, June 19, as the market looks to test key historic resistance barriers.
Created with AI. Errors are possibleSensex at close on Thursday, June 18
The 50-share NSE Nifty edged higher by 82.30 points, or 0.34 per cent, to end at 24,168.
Sensex gainers and losers on Thursday, June 18
Brent crude, the global oil benchmark, dropped 2.23 per cent to USD 77.78 per barrel.
US President Donald Trump signed a Memorandum of Understanding (MoU) with Iran during a dinner at the Palace of Versailles in France on Wednesday to end the over three-month war.
Going into Friday’s trading session, market experts point to a structurally sound and positive chart layout, though immediate psychological ceilings loom just ahead.
Sensex Prediction for Friday, June 19 by Hitesh Tailor
According to Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Private Limited, the Sensex formed a bullish candle with a higher high and higher low structure, reflecting sustained buying interest on declines.
“Sensex closed at 77,410.00, gaining 254.40 points (+0.33%). The index opened marginally lower by around 24 points at 77,131.65 and witnessed initial consolidation with mild profit booking, slipping to an intraday low of 76,953.00,” he said.
However, buying interest emerged from lower levels, helping the index recover steadily and touch an intraday high of 77,492.35. The benchmark eventually settled near the day’s higher levels at 77,410.00, indicating continued strength in market sentiment, he added.
Tailor said the successful rebound from the 76,950 zone highlights strong demand at lower levels, while the index continues to trade comfortably above its key short-term moving averages and recent breakout zone. The prevailing trend remains positive, with momentum indicators supporting the ongoing upward move.
Sector-wise, Utilities, Hospitals, Services, Power, Telecommunication, Healthcare, Top 10 Banks, Financial Services, Bankex, and Private Banks led the gains. Buying interest was also visible in Consumer Discretionary, PSU Banks, Realty, Commodities, Metals, Capital Goods, and Industrials. On the other hand, Information Technology and Focused IT witnessed profit booking, while Energy remained marginally weak, he added.
Tailor stated the overall market bias remains positive to bullish as Sensex continues to maintain its higher-high higher-low formation and sustains above key support levels.
“As long as the index holds above the 76,800–77,000 support zone, the broader uptrend is likely to remain intact. On the upside, immediate resistance is placed around 77,800–78,000, where some consolidation may emerge, while stock-specific action is expected to remain positive,” the analyst concluded.
Sensex Prediction for Friday, June 19 by Vipin Dixena
According to SEBI-registered analyst, Vipin Dixena, Sensex continues to trade in a strong short-term uptrend, holding well above the rising 50-EMA and forming a series of higher highs and higher lows.
“After reclaiming the 77,100 breakout zone, the index is now approaching the key resistance at 77,600, with momentum indicators remaining positive despite some consolidation. A sustained move above 77,600 could open the door for a rally towards 77,900–78,000, while 77,100 now acts as immediate support,” he stated.
For Friday, Dixena said the market sentiment remains constructive, supported by easing crude oil prices, resilient global markets, and continued buying in banking and heavyweight stocks, keeping the overall bias bullish.
Broad markets, sectoral indices on Thursday, June 18
The BSE SmallCap Select index went up 0.43 per cent and MidCap Select index climbed 0.33 per cent.
Sectorally, utilities went up 1.76 per cent, hospitals (1.62 per cent), services (1.45 per cent), power (1.32 per cent), telecommunication (1.12 per cent) and healthcare (0.92 per cent). However, BSE IT dropped 1.12 per cent, focused IT (0.92 per cent) and energy (0.16 per cent).
A total of 2,419 stocks advanced while 1,814 declined and 186 remained unchanged on the BSE.
On Wednesday, the Sensex climbed 347.14 points, or 0.45 per cent, to settle at 77,155.62. The Nifty rallied 96.55 points, or 0.40 per cent, to end at 24,085.70.
(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.)
