Market Outlook for 28 June 2024

Ruchit Jain Ruchit Jain

Last Updated: 28th June 2024 - 10:45 am

Listen icon

Nifty Prediction for Tomorrow - 28th June

Our indices continued to move higher led by the index heavyweights and the Nifty index ended above the milestone of 24000 mark for the first time ever.


Since last few days, strong buying interest is seen in the large cap stocks which have kept the uptrend intact in the indices. Earlier it was the banking index which took the leadership, then the heavyweight such as Reliance and it was the IT sector which led on the expiry day.

FIIs have turned buyers since last couple of weeks and in this period the index heavyweights have rallied higher. The RSI oscillator on the daily as well as the hourly chart still remains positive and hence, traders should continue to trade in the direction of the broader trend.

The immediate support for Nifty has shifted to 23730 while positional support is seen around 23500. Traders are advised to keep a trailing stop loss method on the existing positions and trade with a positive bias until any reversal signs are seen.

 

                      New milestone for Nifty as it hits 24000 mark for the first time

nifty-chart


Bank Nifty Prediction for Tomorrow - 28th June

Bank Nifty index too registered a new record high of 53000 on Thursday, but it traded within a narrow range and ended the day marginally negative. There’s no change in the broader trend but the hourly RSI readings are hinting at a possibility of some pullback move or a consolidation within an uptrend. Hence, traders should be selective in stocks and look for buying opportunities either on dips or on some consolidations.

The support for the Bank Nifty index is placed around 52200 while resistances are seen around 53400 followed by 54000-54200 range.
 

bank nifty chart                      

 

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 23870 78670 52570 23500
Support 2 23730 78100 52330 23370
Resistance 1 24150 79600 53120 23760
Resistance 2 24260 79970 53420 23900

Trade with 0* brokerage for 30 days
Open FREE Demat Account with endless opportunities.
  • Flat ₹20 Brokerage
  • Next-gen Trading
  • Advance Charting
  • Actionable Ideas
+91
''
 
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 06th December 2024

by Sachin Gupta 18th Dec 2024

Market Outlook for 16 July 2024

by Ruchit Jain 13th Sep 2024

Market Outlook for 15 July 2024

by Ruchit Jain 11th Oct 2024

Market Outlook for 12 July 2024

by Ruchit Jain 12th Jul 2024

Market Outlook for 11 July 2024

by Sachin Gupta 11th Jul 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Open Free Demat Account

Be a part of 5paisa community - The first listed discount broker of India.

+91

By proceeding, you agree to all T&C*

footer_form