Benchmarks remained rangebound with real estate and IT leading the gainers. Technicals suggest a potential upside towards 25,350, but caution prevails with external risks, according to analysts.

Indian markets remain rangebound as the benchmarks slipped marginally in early trade on Tuesday amid mixed global cues. 

At 9:50 a.m. IST, the Nifty 50 traded down 76 points at 24,869, while the Sensex fell 150 points to 81,645. 

Broader markets outperformed with the Nifty Midcap and Smallcap indices gaining 0.3%.

Analysts believe the Nifty must break out of the 24,500–25,200 zone to establish a definitive trend. Until then, volatility and sideways action may persist.

The retail sentiment on Stocktwits for Nifty remained ‘bearish.’

Nifty sentiment and message volume on June 17 as of 10:00 am IST. | source: Stocktwits

Sectorally, it's a mixed trend. Real estate, PSU banks, and IT are seeing buying action. On the flip side, auto and pharma stocks reel under pressure. 

Vishal Mega Mart fell 8% after nearly 20% equity reportedly changed hands in a block deal. 

Zee Entertainment shares rose 2% on the promoters’ plan to infuse cash into the company. The board approved the proposal to raise up to ₹2,237 cr via the issue of warrants. 

Shares of defense and aerospace solutions provider Axiscades rose 5% as the company signed a pact with a European defense company. They will also explore joint product development for Indian and global markets. 

Sterlite Technologies’ shares gain for the second day in a row, up 8%, a day after they announced the launch of Data Centre solutions.

Godrej Properties shares rose 2% after the real estate company acquired a 16-acre new land parcel in Pune. 

Tanla Platforms rose 5% after the company’s board approved a buyback proposal worth ₹175 crore. 

Navin Fluorine gained 4% after Jefferies maintained a Buy call with a target of ₹5,280, indicating an 18% upside. 

From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup. 

Ashish Kyal emphasized that a 15-minute close above 24,980 would signal resumption of a positive trend, with an upside target at 25,070, followed by 25,150. 

He sees immediate support at 24,830. If Nifty closes below this, he expects to see a short-term consolidation before any upmove resumes. His strategy is to remain on the buy side if Nifty does not close below its previous low.

Prabhat Mittal pegged immediate support for the Nifty at 24,780 and resistance at 25,120, while he placed Bank Nifty support at 55,600 and resistance at 56,300.

A&Y Market Research adds that the technicals suggest a potential upside towards 25,350, but caution prevails with external risks.

They peg Nifty resistance between 25,187 and 25,238 and support at 24,746-24,811.

For the Bank Nifty, they see intraday resistance at 55,930-56,050 and support between 55,443-55,557.

Globally, Asian markets traded mixed, while crude oil prices edged higher on Tuesday, driven by US President Donald Trump’s comments on the tensions between Iran and Israel. 

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