The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 23,595 level, a premium of nearly 10 points from the Nifty futures’ previous close.
On Thursday, the domestic equity indices closed higher amid volatility, with the Nifty 50 holding above 23,550 level.
The Sensex rose 141.34 points to close at 77,478.93, while the Nifty 50 settled 51.00 points, or 0.22%, higher at 23,567.00.
Nifty 50 formed a small negative candle on the daily chart that placed beside the long negative candle of Wednesday.
“Technically, this pattern indicates a doji type candle pattern, which doesn’t have any significant predictive value, as the market is presently showing a broader sideways range movement. The near-term uptrend with range bound action continued in Nifty and we expect similar movement is likely to continue in coming sessions,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to Shetti, there is a possibility of minor intraday weakness resuming from near 23,750 – 23,800 levels and that could be a short-term buying opportunity. The near-term upside target to be watched is around 23,950 levels.
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Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty OI Data
Analysing the Nifty Open Interest (OI) data, on the call side, the highest OI was observed at the 24,000 and 24,200 strike prices. On the put side, the highest OI was at the 23,000 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.
Nifty 50 Prediction
Nifty 50 shifted into an upside bounce with range bound action on June 20 and closed the day higher by 51 points.
“The market consolidated within a range, with the index stuck between 23,400 and 23,650. The undertone remains bullish as long as the index sustains above the 23,400 support, where aggressive put writing is visible. Surpassing the 23,650 mark will open further room towards the 23,800/ 24,000 levels,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
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V.L.A. Ambala, Co-founder, Stock Market Today (SMT) noted that Nifty was trading within a narrow range of 182 points in the latest trading session, forming ‘Dragon Fly Doji’ and ‘Insider Bar’ patterns on the daily timeframe, underscoring a sense of indecision among investors and traders.
She recommends market participants to adopt a sell-on-the-rise strategy to make the most of the given situation.
“Considering these, it is likely that in the next trading session, Nifty could find support between 23,720 and 23,800, and face resistance between 23,550 and 23,445 levels,” Ambala said.
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Bank Nifty Prediction
Bank Nifty index continued its outperformance and rallied 385.20 points, or 0.75%, to close at 51,783.25.
“The Bank Nifty Index continued its strong momentum and managed to hold the support at 51,200 – 51,000. The bullish momentum is likely to continue, and dips should be utilized to buy the index targeting 52,200 / 52,600,” Shah said.
According to Shah, the lower-end support is placed at 51,000, where the highest open interest is built up on the put side and a break below this level will only dampen the bullish sentiment.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 21 Jun 2024, 07:29 AM IST