Pre-Market 24 June 2026: Can Nifty Hold 23,800 After Sharp Market Correction? What To Expect Today

A broad-based sell-off swept through Dalal Street on Tuesday, wiping out the previous session's gains. The Sensex dropped 893 points to close at 76,200.68 on 23 June, while the Nifty 50 lost 279 points to settle at 23,824.10.

Investors lost nearly ₹6 lakh crore in a single session as the market capitalisation of BSE-listed companies fell to ₹475 lakh crore from ₹480.6 lakh crore.

What Dragged The Market Lower On Tuesday?

Selling pressure intensified across the market, with metals, information technology and PSU banks leading the decline.

The sharpest decline came from metal stocks, with the sector index falling 3.22%. IT shares also stayed under pressure as the weakness in global technology stocks impacted domestic markets. Discussions around AI-driven changes in the sector continued to weigh on sentiment.

The Nifty Bank index declined 1.30%, while the Nifty Financial Services index fell 0.96%.

Pharma and healthcare were the only areas of strength. Nifty Pharma gained 0.92%, while the Nifty Healthcare index rose 0.54%.

How Did Global Markets Perform After Indian Market Hours?

Wall Street remained under pressure on Tuesday as technology shares extended their decline.

On 23 June:

• Dow Jones Industrial Average fell 45.87 points to 51,666.84

• S&P 500 lost 107.33 points to 7,365.46

• Nasdaq Composite dropped 579.56 points to 25,587.04

Semiconductor stocks led the losses as investors weighed the possibility of a more hawkish Federal Reserve and scrutinised rising AI-related spending across the technology sector.

Asian markets also ended mostly lower.

• Nikkei 225 fell 2,565.58 points to 69,788.38

• Hang Seng declined 432.24 points to 23,336.28

• Singapore's Straits Times Index edged higher by 1.73 points to 5,205.74.

European markets traded flat:

• FTSE stood at 10,428.85 down 9.00 points

• CAC traded at 8,340.71 down 59.40 points

GIFT Nifty Update

By 20:59 IST on 23 June, GIFT Nifty was trading at 23,822.50, up 12 points, or 0.05%. The contract hovered close to Tuesday's Nifty close of 23,824.10 after market hours, indicating a largely flat start for Wednesday's session.

Key Levels To Watch For Nifty

The Nifty is testing the lower end of its recent trading range of 23,800-24,200.

Support Levels

• 23,650

• 23,630

A break below 23,630 could expose the index to further downside towards the 23,500 mark.

Resistance Levels

• 23,930

• 23,950

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What Should Investors Expect Today?

Overseas, attention remains on the sharp correction in technology stocks and the debate around AI-linked spending. Back home, traders will watch whether the Nifty manages to hold above the 23,800 area after Tuesday's decline.

The progress of the monsoon season is also likely to stay on the radar, particularly after concerns emerged over a slow start and its potential impact on rural demand.

Sources:

Mint

Reuters

Moneycontrol