Market Outlook for 18 June 2024

Ruchit Jain Ruchit Jain

Last Updated: 18th June 2024 - 10:36 am

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Nifty Prediction for 18th June

In the week gone by, Nifty registered a new record high of 23490, but it consolidated in a narrow range throughout the week and volatility subsided post the elections results event as traders focused more on stock specific approach. Nifty closed just below 23500 with weekly gains of three-tenths of a percent. 

Our markets continued to march higher with new milestones seen post the recent election week volatility. In this upmove, FIIs have covered much of their short positions and added new longs which led to the momentum. On the other hand, the confidence has resumed amongst market participants with regards to political stability and hence, lot of stock specific positive momentum is seen. In the coming week, initial hurdle of Nifty will be seen around 23500 which has acted as a hurdle in last one week. Once this is surpassed, Nifty could rally towards 23900-24000 which is the retracement zone of the recent correction. On the lower side, 23300 followed by 23000-23900 zone are the supports. Any dips towards the support should be seen as a buying opportunity.
Traders are advised to look for stock specific opportunities and trade with a positive bias.


Bank Nifty Prediction for 18th June

The broader trend for Bank Nifty is positive as it has been forming a ‘Higher Top Higher Bottom’ structure. The immediate support for index is placed around 49500 followed by 40 DEMA support around 49200.On the higher side, 50300 is the resistance which is surpassed, then the index could rally towards previous high of 51000-51200 in the near term.
 

                               Focus shifts on stock specific approach as sentiments turn positive again

 

nifty-chart

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 23370 76650 49800 22290
Support 2 23270 76350 49550 22170
Resistance 1 23580 77400 50400 22560
Resistance 2 23680 77730 50650 22690

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