Market Outlook for 20 June 2024

Ruchit Jain Ruchit Jain

Last Updated: 20th June 2024 - 10:08 am

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Nifty Prediction for Tomorrow - 20th June

Nifty traded within a range in Wednesday’s session as the broader markets witnessed some profit booking and hence inspite of the sharp rally in the banking heavyweights, Nifty ended marginally negative.

Our markets continued with the positive trend and the Nifty marked a new record of over 23600 level, but the broader markets witnessed profit booking which restricted the up move in the index. The Bank Nifty index witnessed a sharp surge as the index heavyweights witnessed huge buying interest and hence the Bank Nifty index rallied by about 1000 points.

The divergent trend seen on Wednesday indicates that trades are preferring profit booking in some high beta names which had rallied recently, while rotation is seen in the banking names where the risk reward ratio seems favorable as these stocks have not run up much yet. Now on the index front, the trend still remains positive and we believe corrections, if any, would be opportunities for buying at lower levels. Sector/stock specific rotation is expected to continue where downside seems to be limited in Banking and certain IT names. Hence, traders can look for stock specific buying opportunities in such sectors.

The immediate support for the Nifty index is placed 23400 followed by 23200 while the retracement resistance for the Nifty is seen at 23900-24000. 
 


Bank Nifty Prediction for Tomorrow - 20th June

Bank Nifty index rallied sharply on Wednesday led by the private sector heavyweights. The index registered a new record high hinting at a continuation of the uptrend. As per the retracements, the index has potential to rally towards 52500 in the near term followed by positional targets around 54200. Traders are advised to trade with a positive bias in this sector. The support for the Bank Nifty index has shifted to 50350 followed by 50000 mark. 

                             Buying interest in Banking heavyweights led the BANK NIFTY higher

nifty-chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 23400 76900 51000 22800
Support 2 23280 76500 50600 22630
Resistance 1 23660 77800 52070 23200
Resistance 2 23780 78270 52700 23450

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