Stock Market Outlook Today, June 16: Sensex, Nifty Likely to Stay Volatile But Positive Ahead of FOMC Meeting

Indian equity markets may continue to witness range-bound movement with a positive undertone, as markets digest recent gains and adjust to profit booking at higher levels. After a strong finish in the previous session, both Sensex and Nifty are likely to remain influenced by US Federal Reserve (FOMC) policy outlook, crude oil trends, currency movement, and technical resistance zones, particularly near psychologically important levels.

Stock Market Outlook Today, 16 June 2026: Sensex, Nifty Prediction Ahead of FOMC Meeting on Tuesday

The stock market opened with a gap-up and thereafter largely consolidated throughout the session. Some profit booking emerged near the psychologically important 24,000 level during the latter half of the day; however, the indices managed to close in positive territory.

Market sentiment remained supported by easing geopolitical tensions, a sharp decline in Brent crude oil prices to around $83 per barrel, and a recovery in the Indian rupee. Despite surrendering a portion of their intraday gains, the benchmarks ended the session firmly in the green.

At close, the Nifty 50 gained 231 points or 0.98% to settle at 23,853, while the Sensex advanced 736 points or 0.97% to close at 76,264.33. The Nifty, however, faced immediate resistance near the psychologically important 24,000 mark.

Nifty Prediction Today, June 16, 2026: Will Nifty50 Continue Rally Today? Check Technical Outlook

The upcoming signals from the US Federal Reserve regarding interest rate trajectory are expected to play a crucial role in shaping global risk sentiment, including flows into emerging markets like India.

According to Bajaj Broking Research, the index structure continues to show a positive bias despite intermittent profit booking at higher levels. The index formed a bearish candle with a higher high and a higher low and a bullish gap below its base signaling positive bias and mild profit booking at higher levels around the 24,000 levels. The index continues to sustain above the 20- & 50-days EMA.

"Volatility is likely to be high in Tuesday's session on account of the Nifty weekly F&O expiry. We believe index to consolidate with positive bias in the range of 23,600-24,100," said Bajaj Broking Research.

The brokerage further added that immediate bias remains positive above the Friday's breakout area of 23,500-23,600. On the higher side, resistance is placed at 24,000-24,100 levels being the confluence of the higher band of the last 2 months falling channel and the measuring implication of the recent range breakout (23,050-23,550).

Bank Nifty Outlook by Bajaj Brokering Research

Bank Nifty also reflected a consolidation phase after a sharp recent rally. The index formed a bearish candlestick pattern with a higher high and a lower low and a bullish gap below its base signaling positive bias.

The index witnessed mild profit booking in the second half around the high of April 2026 placed around 57,456. The index has seen a strong rally of 4,800 points in the last 10 sessions, hence some consolidation cannot be ruled out in the coming sessions.

"We expect the index to maintain overall positive bias and head towards 58,300 levels in the coming sessions being the measuring implication of the last four-week range breakout (52,700-55,500). Index sustaining above 55,500, will keep the overall bias positive and any dips should be viewed as buying opportunities. Only a decisive breach below the 55,500 support level would negate the positive outlook," it added.

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