Market Outlook for 19 June 2024

Ruchit Jain Ruchit Jain

Last Updated: 19th June 2024 - 10:01 am

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Nifty Prediction for 19th June

Post consolidating in a narrow range during last week, Nifty surpassed the 23500 and traded within a positive bias led by broader market participation. The benchmark ended the day above 23550 with gains of about four-tenths of a percent.

The uptrend continues without any meaningful pullback move in prices. In last week, the index consolidated in a range which seemed just a time-wise correction and it seems that the uptrend has resumed. The immediate support for Nifty has shifted to 22375 followed by 23250. The RSI on the daily as well as the lower time frame charts are positive and hence, we may continue with a gradual move on the upside. On the higher side, the index could approach 23700 first, followed by 23900 which is the 127% retracement level of the recent correction.

Traders are advised to continue to trade with a positive bias until any reversal seen.


Bank Nifty Prediction for 19th June

The Bank Nifty index showed strength in Tuesday’s session and gave a breakout above 50250-50300 resistance zone. The RSI is also positive and the price volume action along with the momentum readings indicates a positive structure for the index. The immediate support base for the index in placed in 50000-49900 zone, while the index has potential to rally higher towards 50900.

                             Nifty continues its uptrend led by Banking stocks

nifty-chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 23470 76950 50040 22400
Support 2 23430 76830 49900 22250
Resistance 1 23630 77550 50700 22700
Resistance 2 23670 77720 50960 22800

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