Market Outlook for 16 July 2024
Market Outlook for 27 June 2024
Last Updated: 27th June 2024 - 10:26 am
Nifty Prediction for Tomorrow - 27th June
Nifty continued its upmove for the third trading session and led by the index heavyweights. The index is now tad away from another milestone of 24000 as it ended just below 23900 mark.
The buying momentum in the index heavyweights have led to further up move in the indices and thus, the broader uptrend continues. While the private sector banks continued the momentum, heavyweight such as Reliance Ind. too witnessed a breakout from consolidation adding fuel to the rally. FIIs have been on the long side in last couple of weeks with ‘Long Short Ratio’ in the index futures segment being above 60 percent now. While the Client section has formed some short positions, it would be crucial to see how much of these positions by both get rolled over to the July series. As of now, with no signs of trend reversal, traders are advised to continue to trade with a positive bias and trail stop losses higher on existing long positions.
The immediate support for Nifty has now shifted to 23600 while 23900 and 24125 will be the levels to watch out on the higher side on the expiry day.
Nifty approaching 24000 mark led by index heavyweights
Bank Nifty Prediction for Tomorrow - 27th June
The Bank Nifty index too continued to rally and almost tested the 53000 mark. The RSI oscillator on the lower time frame is approaching the overbought zone, but there are no signs of a change in trend as of now. Hence, one should trade with a positive bias but be selective in stocks within the sector. The near term support for the index has shifted to 52000 while on the higher side, the retracements of the previous correction indicates a possibility of an upmove towards 54000-54200.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 23730 | 78150 | 52500 | 23450 |
Support 2 | 23590 | 77650 | 52130 | 23300 |
Resistance 1 | 24030 | 79270 | 53350 | 23780 |
Resistance 2 | 24170 | 79800 | 53730 | 23930 |
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