India VIX softens, dips below 15-mark

The Nifty 50 bounced back strongly on June 16, recovering nearly 1% and inching closer to the significant psychological level of 25,000.

- Motilal Oswal Team

This upmove came on the back of a positive global market setup, despite lingering geopolitical tensions between Iran and Israel. The index moved above its short-term 10-day and 20-day simple moving averages, as well as the mid-point of the Bollinger Bands—indicating a strengthening trend.

To continue its upward journey, the index needs to decisively cross and sustain above the 25,000 level, which could pave the way for a test of the next key resistance near 25,200. This level remains crucial for a potential extension toward 25,500. On the flip side, the immediate support is seen near 24,700, which also marked Monday's low.