The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 23,800 level, a discount of nearly 70 points from the Nifty futures’ previous close.
On Wednesday, the domestic equity benchmark indices ended at record closing highs, with the Nifty 50 settling above 23,850 for the first time ever.
The Sensex jumped 620.73 points to close at 78,674.25, while the Nifty 50 ended 147.50 points, or 0.62%, higher at 23,868.80.
Nifty 50 formed a long bull candle on the daily chart, which is back-to-back similar candles in three sessions.
“Technically, this pattern indicates a formation of bullish ‘three advancing soldiers” type candle pattern. This formation signals upside continuation for the short term. After moving into a range bound action in the mid part of June month, Nifty is now witnessing a decisive upside breakout of the said range movement,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the present upside momentum could find resistance at the highs of around 24,000 – 24,100 levels (1.786% Fibonacci extension of crucial bottom/top/bottom of 2020-2022) and one may expect next round of consolidation or minor weakness to emerge from the highs.
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Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty OI Data
Regarding 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 23,700 strike price, said Mandar Bhojane, Research Analyst at Choice Broking
Nifty 50 Prediction
Nifty 50 index continued its upside momentum for the third consecutive session on June 26 and closed the day higher by 147 points.
“The Nifty continued to rise as the bulls maintained control, pushing the index to a new all-time high. The sentiment is likely to remain positive as long as it stays above 23,700. On the higher end, a decisive move above 24,000 could take the index towards 24,200,” said Rupak De, Senior Technical Analyst, LKP Securities.
For the upcoming session, VLA Ambala, Co-Founder of Stock Market Today believes Nifty is expected to find support between 23,750 and 23,660, and face resistance around 23,950 and 24,070.
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Bank Nifty Prediction
Bank Nifty index touched its record high level on Wednesday and ended the session 265 points higher at 52,870.
“The Bank Nifty index continued its strong momentum, just shy of the 53,000 mark where fresh call writing is visible. The undertone remains bullish, and a buy-on-dip approach is advisable with immediate strong support at the 52,500 – 52,400 level,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
The index has witnessed aggressive put writing at lower levels, indicating strong support, Shah added.
According to Ambala, Nifty Bank could gain support between 52,500 and 52,350 and experience resistance at 53,150 and 53,400.
“I would advise adopting a neutral stance, hedging positions, and seeking dips to capitalize on swing trading opportunities. Future traders can maintain long positions in discounted stocks in the current market conditions,” Ambala said.
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: 27 Jun 2024, 07:24 AM IST