Whalesbook
The Nifty50 index rose for the fourth straight session to close at 24,085.70. With crude oil prices softening due to geopolitical developments, market attention is now focused on a key technical barrier known as the 100-day DEMA, which could indicate a shift in trend if the index breaks above it.
What Happened
The Indian equity market continued its upward momentum on Wednesday, June 17, 2026. The Nifty50 index closed the session at 24,085.70, rising by 96.55 points. This marked the fourth consecutive day of gains for the benchmark index. Broader market sentiment remained positive, as advances in the number of rising stocks outnumbered those that declined.
The Crude Oil Tailwind
A major factor supporting the market on this day was the decline in international crude oil prices. Prices fell below $80 per barrel following progress in peace talks between the US and Iran. For the Indian economy, which imports a significant portion of its oil requirements, lower crude prices are generally seen as positive. They help reduce inflationary pressure and can improve the profit margins of companies across various industries that rely on oil or energy as an input.
Understanding The Technical Hurdle
Market participants are currently focused on a specific technical level: the 100-day Double Exponential Moving Average (DEMA). This is a technical tool used by traders to track the average price movement over a specific period, in this case, 100 days. The DEMA is currently positioned near the 24,153 mark. This level has acted as a ceiling, or resistance, for market rallies in recent months, specifically in April and May. If the Nifty50 can consistently trade above this level, some market analysts believe it could signal a shift in the market trend, potentially opening the door for further gains toward the 200-day DEMA level.
Sector Performance
The day saw a mixed performance across different sectors. Investor interest was evident in Consumer Durables, PSU Banks, and Metals, which were among the top performers and helped push the index higher. In contrast, sectors such as Auto, Real Estate, and Healthcare faced some selling pressure, recording minor losses for the session. The India VIX, which measures market volatility, eased to 13.19, suggesting that investors are currently more comfortable with the market's stability compared to higher volatility periods.
What Investors Should Track Next
Investors may want to watch how the market behaves as it approaches the 24,153 mark. A decisive break above this level is what many market observers are waiting for to confirm a change in trend. On the downside, support levels are being monitored near the 23,800 to 23,850 zone. The direction of crude oil prices will also remain a key monitorable, as any sudden change could influence market sentiment. Keeping an eye on the consistency of the current buying interest will be important to understand if the market can maintain this momentum without reversing.
