Indian benchmark indices closed higher for the fifth consecutive trading session on Thursday, marking their longest winning streak since April. However, market sentiment for Friday appears cautious, with GIFT Nifty futures indicating a weak start amid concerns over the global technology sector following Accenture’s latest earnings guidance.
As of 10:50 PM IST, GIFT Nifty was trading nearly 0.6 per cent lower at around 24,050, suggesting a gap-down opening for domestic equities on June 19.
Accenture Guidance Casts Shadow Over IT Stocks
A key factor likely to influence market sentiment is Accenture Plc.’s third-quarter earnings announcement for FY26. While the company delivered its results, investors were disappointed by its softer revenue outlook, raising concerns about growth prospects in the global technology services sector.
Market experts believe the cautious guidance could negatively impact Indian IT companies, which derive a significant portion of their revenue from global clients.
“If Accenture does not recover tonight, it will definitely have an impact on the Indian IT sector tomorrow,” said Kranthi Bathini, Director of Equity Strategy at WealthMills Securities.
The development is expected to put pressure on the Nifty IT index and may drag broader benchmark indices lower at the opening bell.
Nifty Outlook: 24,000 Remains Critical
Technical analysts believe Nifty’s near-term trend remains positive as long as the index manages to hold above the psychologically important 24,000 mark.
According to Nandish Shah, Deputy Vice President at HDFC Securities, any decline towards the 24,000 zone is likely to attract fresh buying interest.
“The index can continue its positive momentum if it remains above the immediate support level of 24,000. Any near-term dip towards this level is likely to witness buying support,” Shah said.
If Nifty successfully defends the support zone and regains momentum, analysts expect the benchmark to target levels between 24,300 and 24,450 in the near term.
However, a decisive break below 24,000 could trigger profit booking and lead to increased volatility.
Bank Nifty Continues to Outperform
While technology stocks face headwinds, banking shares continue to remain a pillar of strength for the market.
Bank Nifty has outperformed the benchmark Nifty in recent sessions and analysts expect the trend to continue.
From a technical perspective, the banking index is trading comfortably above both its short-term and long-term moving averages, indicating sustained bullish momentum.
Shah expects Bank Nifty to move towards 58,500 in the near term, with the possibility of extending gains towards 59,100 if buying momentum continues.
On the downside, the 57,500–57,400 range is expected to provide immediate support and cushion any short-term correction.
Market Recap
Indian equities ended Thursday’s session on a positive note despite trading within a narrow range for most of the day.
The NSE Nifty 50 gained 82.30 points, or 0.34 per cent, to settle at 24,168.
The BSE Sensex advanced 254.36 points, or 0.33 per cent, closing at 77,409.98.
The gains marked the fifth straight day of advances for both benchmark indices, reflecting sustained investor confidence despite global uncertainties.
Key Levels To Watch On June 19
Nifty 50
- Immediate Support: 24,000
- Strong Support: 23,900
- Resistance Zone: 24,300–24,450
Bank Nifty
- Immediate Support: 57,500–57,400
- Upside Target: 58,500
- Extended Target: 59,100
With global cues turning cautious and IT stocks likely to remain under pressure, investors will closely watch whether Nifty can defend the crucial 24,000 mark and maintain its ongoing recovery trend.