Market Outlook for 24 June 2024

Ruchit Jain Ruchit Jain

Last Updated: 24th June 2024 - 10:12 am

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Nifty Prediction for Tomorrow - 24th 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.

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 23320 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.
 

                         Consolidation in Nifty at higher levels, Pvt. banks outperform

nifty-chart


Bank Nifty Prediction for Tomorrow - 24th 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 as the Nifty Pvt. Bank index has given a breakout from a consolidation phase. Hence, traders are advised to look for buying opportunities in this sector.
The immediate support for the index is placed around 50900-51000 range, followed by positional support around 50500. On the higher side, the index has potential to rally towards 52500 and 54200 in the near term. 

                         

bank nifty chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 23370 76740 51200 22800
Support 2 23250 76270 50850 22660
Resistance 1 23650 77750 51920 23100
Resistance 2 23800 78290 52280 23250

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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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