Stock market on June 17: Here are 5 things to know before market opens

The Indian equity benchmarks are set to open lower as indicated by the NIFTY futures traded at Gift City in Ahmedabad. Gift NIFTY futures at Ahmedabad fell 0.09% or 23 points to 24,972 indicating a weak start for Indian markets amid stable cues from global markets. In yesterday's session, SENSEX and NIFTY50 indices snapped their two-day losing streak led by gains information technology shares.

Asian markets

Most of the Asian markets were trading higher despite escalating tensions in the Middle East. Israel and Iran attacked each other for a fifth straight day on Tuesday, and U.S. President Donald Trump urged Iranians to evacuate Tehran, citing what he said was the country's rejection of a deal to curb nuclear weapons development.

Japan's Nikkei rose 0.63%, Hong Kong's Hang Seng advanced 0.05%, South Korea's KOSPI added 0.86% and China's Shanghai Composite index rose 0.1%.

US markets

Calm returned to Wall Street on Monday, and U.S. stocks rose, while oil prices gave back some of their initial spurts following Israel’s attack on Iranian nuclear and military targets at the end of last week.

The S&P 500 climbed 0.9% to reclaim most of its drop from Friday. The Dow Jones Industrial Average rose 317 points, or 0.8%, and the Nasdaq composite gained 1.5%. They joined a worldwide climb for stock prices, stretching from Asia to Europe, news agency AP reported.

Meanwhile, US stock futures were indicating weak start for US stocks after Trump's evacuate Tehran comment.

FII/DII activity

Foreign institutional investors (FIIs) sold shares worth ₹2,539 crore in the cash segment while domestic institutional investors (DIIs) bought shares worth ₹5,781 crore.

In the derivatives segment, FIIs purchased index options worth ₹420 crore while they sold index options worth ₹6,564 crore.

NIFTY50 trade setup

NIFTY50 bounced back from lower levels, closing 50 points away from the psychological resistance level of 25,000. Banking, IT, oil and gas stocks, including HDFC Bank, Infosys, ICICI Bank, Reliance, and others, led the nearly 250-point rally on Monday. Experts believe the volatility to continue due to mixed global cues and geopolitical factors.

On technical charts, the index made a bounce back above the 21 EMA levels by closing above it on Monday. The index failed to confirm a bearish reversal after closing near 24,700 levels. Experts believe the bullish rally in the index may continue only after a strong weekly closing above the 25,200 levels.

Israel-Iran conflict update

Israel struck Iran’s state-run television station Monday during a live broadcast, forcing a reporter to run off camera following an explosion, after Iran fired a new wave of missiles at Israel that killed at least eight people.

In other developments, Prime Minister Benjamin Netanyahu said the Israeli strikes have set Iran’s nuclear program back a “very, very long time.” He added that Israel is not attempting to topple the Iranian government, but he said he would not be surprised if that happened as a result of the strikes, news agency AP reported.

Israel had warned hundreds of thousands of people in the middle of the Iranian capital to evacuate ahead of the strike against the TV station, which the military said provided a cover for Iranian military operations.