Trade Setup for June 17: Top 15 things to know before the opening bell

The Indian stock market has been on an upward trajectory for the past three consecutive sessions, with the Nifty 50 index rising by 0.6 percent on June 16. This surge can be attributed to the sharp decline in oil prices, which has eased tensions in West Asia and boosted investor sentiment. As a result, the Nifty 50 has sustained above its short- and medium-term moving averages, indicating a positive trend in the market. The index is expected to face immediate resistance at the 24,000 level, and a convincing move above this level could open up further possibilities of reaching the 24,100 and 24,500 levels, which were the swing highs seen in May. On the other hand, the 23,800 level is likely to provide immediate support, followed by the 23,650 level, which is a key support level for the index. The market is likely to be influenced by global cues, including the trend in oil prices and the movement of the US dollar, which could have a significant impact on the Indian stock market. The performance of the Indian economy, including the latest data on inflation and industrial production, will also be closely watched by investors. As the market is expected to be volatile, investors are advised to exercise caution and keep a close eye on the market trends before making any investment decisions. The upcoming days are likely to be crucial for the Indian stock market, and investors will be looking for further direction from the government and the Reserve Bank of India. The market is expected to react to the latest developments on the global front, including the ongoing trade tensions and the movement of the global economy. Overall, the Indian stock market is expected to witness a significant amount of activity in the coming days, and investors will need to be vigilant to navigate the market successfully.