The 23,500-23,540 range serves as an immediate support zone for the index. A decisive break below 23,500 could lead to a further drop to the 23,300-23,200 levels, where trend line support exists. While the short-term trend remains down, a pullback rally is possible if Nifty holds above 23,500, according to Hrishikesh Yedve of Asit C. Mehta Investment Intermediates.
Short-term market weakness likely; defensive sectors poised to outperform: Rohit Srivastava
Rohit Srivastava suggests the recent market rally from early April might be ending, entering a corrective phase influenced by geopolitics and the upcoming FOMC meeting.
June 18, 2025