Stock Market Outlook Today, 23 June 2026: Sensex, Nifty Likely to Open Higher Amid US-Iran Deal in Switzerland

Indian stock market benchmarks Sensex and Nifty are expected to open with a positive bias on Tuesday, June 23, 2026, as investors remain encouraged by progress in US-Iran negotiations, easing crude oil prices and supportive global market cues. However, the slow advancement of the southwest monsoon continues to remain a key concern, as any prolonged delay could add to inflationary pressures and affect demand across agriculture-related sectors.

Stock Market Outlook Today, 23 June 2026: Sensex, Nifty Prediction for Tuesday

On Monday, the Indian equity markets traded within a narrow range but managed to end higher, reflecting a cautious yet optimistic sentiment among investors. The NSE Nifty 50 gained 0.37% to settle at 24,102, while the BSE Sensex advanced 0.38% to close at 77,094.

"Indian equities are expected to maintain a positive bias, supported by progress in the US-Iran negotiations, firm global cues, lower crude oil prices. Ongoing discussions in Switzerland have raised expectations of a formal peace framework and the reopening of the Strait of Hormuz, improving global sentiment and easing concerns around energy prices," said Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Nifty Prediction Today, June 23, 2026: Check Technical Outlook by Bajaj Broking Research

According to Bajaj Broking Research, the Nifty formed a doji candlestick pattern with a higher high and a higher low, indicating continuation of the positive momentum. However, profit booking near last week's high of 24,189 prevented the index from sustaining its intraday gains and it eventually closed around the 24,100 mark.

"Going ahead, a decisive move above last week high of 24,189 could reignite momentum and pave the way for an advance towards 24,300 levels in the coming sessions. Failure to do so will lead to some consolidation amid stock specific action in the range of 23,900-24,189," said Bajaj Broking Research.

The brokerage maintained a positive bias and suggested that market dips should be viewed as buying opportunities. Immediate support for the Nifty is placed in the 23,900-23,800 range, which coincides with the previous Monday's gap area and the 50-day EMA. A stronger support zone is seen between 23,500 and 23,600, while the major resistance on the upside is placed near 24,600 levels, which aligns with the April high and the 200-day EMA.

Bank Nifty Outlook for June 23

The Bank Nifty also displayed a positive technical structure after forming a high wave candlestick pattern with a higher high and a higher low. The index has also generated a bullish crossover of the 20-day and 50-day EMA, supporting the positive outlook.

Going ahead, the brokerage expects a decisive move above the recent highs to potentially push Bank Nifty towards 58,300 and 59,250 levels in the coming sessions. These targets are based on the recent range breakout and the 138.2% external retracement of the previous decline from 57,456 to 52,783.

Some consolidation after 5000 points up move in just 13 sessions cannot be ruled out in the Bank Nifty. "However, we believe the overall structure is positive, and any dips should be used to accumulate quality banking stocks in a staggered manner. Key support is placed at 56,000 levels being the confluence of the 38.2% retracement of the entire pullback 53,027-57954 and the recent breakout area," said the brokerage.

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