Market Outlook for 21 June 2024

Ruchit Jain Ruchit Jain

Last Updated: 21st June 2024 - 10:13 am

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Nifty Prediction for Tomorrow - 21st June

Nifty traded within a range on the weekly expiry day and ended above 23550 with marginal gains. The Bank nifty continued its positive momentum and outperformed with gains of three-fourth of a percent.

Nifty traded within a range on the weekly expiry day and ended above 23550 with marginal gains. The Bank nifty continued its positive momentum and outperformed with gains of three-fourth of a percent.

Our markets continued a gradual upmove as there are no reversal signs yet and the stock specific buying interest remains robust amongst market participants. FIIs had recently turned buyers in the cash segment and have formed long positions in the index futures segment too. Their ‘Long Short Ratio’ indicates more long positions in the system now which is significant as they were short heavy at the start of this month. Sector rotation is keeping the overall trend intact and hence, the overall sentiments too remain positive. The immediate support for Nifty is placed around 23400 followed by positional support at 20 DEMA which is around 23100. On the higher side, the index could gradually rally towards 23900-24000 zone which is the retracement of the recent correction.

We continue with our advice to continue to trade with a positive bias and focus on stocks/sectors which are witnessing good price volume action.
 

                         Sector specific buying interest keeps uptrend intact

nifty-chart


Bank Nifty Prediction for Tomorrow - 21st June

Bank Nifty index continued to trade with a positive bias and the index has witnessed an outperformance in this week. A lot of buying interest is seen in private sector banks which could remain intact and hence, the upmove in the index is also likely to continue. On the higher side, the index has potential to rally towards 52500 in the near term and the positional target is seen around 54200. The immediate support for the index is placed around 50700.
Traders can look for buying opportunities in the private sector banks from a near term perspective.

                         

bank nifty chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 23460 77170 51430 22880
Support 2 23360 76850 51080 22720
Resistance 1 23720 77950 52200 23220
Resistance 2 23830 78250 52550 23380

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Disclaimer: Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

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