The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,660 level, a premium of nearly 90 points from the Nifty futures’ previous close.
On Tuesday, the domestic equity indices extended rally to end at fresh record closing highs.
The Sensex gained 308.37 points to close at 77,301.14, while the Nifty 50 settled 92.30 points, or 0.39%, higher at 23,557.90.
Nifty 50 formed a small negative candle at the highs on the daily chart with minor lower shadow.
“Technically, this pattern indicates formation of a doji pattern at the new highs (not a classical one). Normally, such doji formations after a reasonable upmove or at the new swing highs signal caution for longs at the highs. But, having formed this pattern amidst a range movement, the negative prediction of this pattern could be less,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
He believes the short-term trend of Nifty continues to be positive with range bound action. Having sustained above the hurdle of 23,515 levels (1.382% Fibonacci extension), one may expect Nifty to move towards the next resistance of 1.786% Fib extension at 23,950 levels in the near term, he added.
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 24,500 strike prices. On the put side, the highest OI was at the 23,000 strike price, noted Mandar Bhojane, Research Analyst at Choice Broking.
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Nifty 50 Prediction
Nifty 50 saw a gradual upside momentum with range bound action on June 18 and closed the day higher by 92 points.
“Following a strong start, the Nifty remained within a range as the index formed another day of muted movement on the daily chart. For the last few days, Nifty has been moving sideways on an intraday basis, but eventually, it has moved up above 23,500. The trend looks positive from here, with support placed at 23,300,” said Rupak De, Senior Technical Analyst, LKP Securities.
According to him, a fall below 23,300 might induce selling pressure, while on the higher end, the index might move towards 23,800.
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Bank Nifty Prediction
Bank Nifty index rallied 439 points, or 0.88%, to close at 50,441 on Tuesday, forming a bullish candlestick pattern with a lower shadow on the daily charts.
“The Bank Nifty index finally broke out of the resistance mark of 50,200 and managed to close above it. The bullish momentum is likely to continue, potentially driving the index higher towards the 51,000 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
The undertone remains extremely bullish, and a buy approach is recommended with strong support at the 49,700 mark, Shah added.
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: 19 Jun 2024, 07:26 AM IST
