Market Outlook for 26 June 2024

Ruchit Jain Ruchit Jain

Last Updated: 26th June 2024 - 10:25 am

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Nifty Prediction for Tomorrow - 26th June

Nifty started the day on a positive note and continued its gradual upmove to surpass the recent consolidation high. The Nifty registered a new record high and ended above 23700 with gains of about eight-tenths of a percent.

Our markets are continuing its uptrend as the benchmark registered a new record high post a small consolidation phase in last few trading sessions. Tuesday’s upmove was led by the index heavyweights which indicate a continuation of the uptrend. A lot of buying interest is now seen in the index heavyweights, especially such stocks which had relatively underperformed in last few months.

There could be some stock specific correction in the broader markets (midcap and small caps), but the trend for the index remains up and as we have been highlighting since last few weeks, Nifty could rally upto 23900-24000 zone which is the retracement level of the recent correction. The support base is shifting higher and immediate support is now placed around 23550 followed by positional support at 23350.

                        Banking stocks lead the indices to new record highs

nifty-chart


Bank Nifty Prediction for Tomorrow - 26th June

The Bank Nifty index witnessed a sharp upmove as it breached the resistance of 52000 and then the private sector heavyweights witnessed strong buying momentum. The short term trend remains positive for the Bank Nifty index has achieved the initial target of 52500 which we had mentioned in our recent reports. We expect this momentum to continue and the index could continue this rally towards 54000-54200 in the near term. The immediate supports for the index are now placed around 52000 and 51600. 

                         

bank nifty chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 23600 77600 52000 23200
Support 2 23500 77300 51600 23000
Resistance 1 23870 78330 53000 23700
Resistance 2 24000 78600 53370 23880

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