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Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 24

Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower tracking weak global cues.

For the Indian benchmark index, the trends on Gift Nifty also indicate a negative start. The Gift Nifty was trading around 23,385 level, a discount of nearly 100 points from the Nifty futures’ previous close.

The domestic equity benchmark indices ended lower amid profit booking on Friday.

The Sensex declined 269.03 points to close at 77,209.90, while the Nifty 50 settled 65.90 points, or 0.28%, lower at 23,501.10.

Nifty 50 formed a reasonable negative candle on the daily chart with a minor lower shadow.

“Technically, this pattern indicates a formation of a bearish engulfing pattern (not a classical one). But having moved in a range recently, the significant reversal pattern is ruled out. The market has failed to decline sharply after forming such doji/bearish engulfing patterns in the recent past,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Nifty 50 on the weekly chart formed another small range negative candle with minor upper and lower shadows. This weekly pattern may signal the formation of a bearish spinning top-type candle pattern. But a follow-through weakness in the subsequent week could confirm this bearish pattern, Shetti added.

He believes the short-term trend of Nifty continues to be range-bound with weak bias. However, a move below the immediate support of 23,300 – 23,250 levels could indicate the beginning of a short-term downward correction in the market.

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Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty 50 Prediction

Nifty 50 continued the choppy movement with high volatility on June 21 and closed the day lower by 65 points. The index hit a new all-time high at 23,667 levels during the session.

“Nifty has been hovering within the 23,300 to 23,600 range, indicating indecisiveness, which sets the stage for a very volatile monthly expiry. A decisive move above 23,600 might take the index towards 24,000 in the short term, whereas failure to hold above 23,300 might trigger panic in the market,” said Rupak De, Senior Technical Analyst, LKP Securities.

Below 23,300, he believes the Nifty might fall towards 22,750 in the short term.

Bank Nifty Prediction

Bank Nifty ended 122 points lower at 51,661 level on Friday, forming a bearish candlestick pattern with a Hanging Man pattern on the daily charts. For the week, the Bank Nifty index surged by more than 3%, registering the sixth straight week of gains, its longest winning streak in 19 months.

“The Bank Nifty index witnessed a volatile trading session but ended on a flat note, highlighting the evident tussle between buyers and sellers. The immediate resistance is placed at 52,000, where the highest open interest is built up on the call side. The index needs to surpass this mark to continue its upward movement,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

According to Shah, on the downside, the lower-end support is placed at 51,000, where the highest open interest is built up on the put side. Dips towards this support level should be viewed as an ideal buying opportunity, Shah added.

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