Trade Setup For June 20: Nifty In Tight Range; 24,670–25,000 Key Band To Watch

As geopolitical risks and weak broader market sentiment weigh on trader confidence, the Nifty 50 continues to trade within a narrow consolidation zone, with 24,670–25,000 now emerging as the key range to watch for Friday’s session.

According to Bajaj Broking, the index has been stuck in a time-wise correction for five straight weeks, oscillating between 24,400 and 25,200. Thursday’s high-wave candle, marked by long wicks on either side, signals indecision and reflects the impact of persistent global uncertainty.

“A breach below 24,700 could trigger further downside towards the lower support base of 24,500–24,400,” the brokerage said. “On the upside, 25,000 remains a major supply zone, and a close above it is essential for any move towards 25,200.”

Aditya Gaggar, director at Progressive Shares, noted that Thursday’s session ended with a Doji candlestick on the daily chart, which is another sign of indecision as the Nifty continues to compress within a tightening range.

“The immediate hurdle is now seen at 24,920, while support lies at 24,670. Broader market weakness, especially in mid- and small-cap stocks, suggests caution going into Friday,” he said.

With both upside breakouts and downside breakdowns failing to materialise meaningfully, traders may need to brace for more range-bound action unless one of the boundary levels is breached decisively.