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FinNifty Expiry Day Prediction for 18th June 2024
FinNIfty is likely to trade higher but as tomorrow is the weekly expiry of the FinNifty and it is also forming a Rising wedge pattern on the hourly chart, we must need to wait till the levels break.
After opening higher last Friday around the 22,360 level, it fell back to the 22,250 level in the early trading session but the buyers pushed the market taking it above its opening level and then FinNifty traded sideways for the day moving between the 22,400 and 22,450 level.
Looking at the FinNifty Stocks,
Top Gainers: ICICI Lombard, ICICI Prudential, RECL, Shriram Finance, LIC Housing Finance, SBI Life Insurance
Top Losers: Muthoot Finance, SBI, Kotak Mahindra Bank, ICICI Bank
Must Read: Nifty Prediction for 18th June 2024
FinNifty Prediction for 18th June 2024
On the Technical chart, FinNifty is consistently rising on a daily basis but it is still below its key resistance level of 22,500 which might be tough for the Index to break as tomorrow is the weekly expiry of the FinNifty.
The chart is looking positive for FinNifty on 18th June 2024, as on the hourly chart the FinNifty is forming a rising wedge pattern which is mostly bullish but if the price crosses the lower level then it also turns bearish – so for FinNifty Expiry Day, you need to be careful while trading in FinNifty and must wait for the levels to break.
What to Expect from FinNifty on 18th June 2024
So, on Tuesday – The FinNifty Expiry day – it is most likely to trade higher towards the 22,500 level taking the expiry into account but the thing is that the FinNifty is forming a Rising Wedge pattern on the hourly chart which somehow doesn’t give any clear direction of the market, so we need to wait for the levels to break but the probability of Trading higher is likely higher as the overall market is Bullish.
For FinNifty Expiry Day, My view is bullish as it might open on a positive note, taking FinNifty over the 22,500 level which is also the upper trendline of the rising wedge pattern and once it crosses this level and sustains above it then we can see FinNifty towards a new high around 22,800 and 23,000 level in the coming days.
But if FinNifty crosses the lower trendline which is around 22,370 and then starts falling then once again we may see FinNifty at the 22,300 and 22,200 levels on Tuesday.
So before going straight for any trade – you must wait for the levels to break.
“Here are the trading levels for Nifty – 22,200 – 22,600“
FinNifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 22,300 (18.24L) | 22,400 (19.47L) |
| 22,000 (16.85L) | 22,500 (16.91L) |
| 22,400 (15.85L) | 23,000 (17.49L) |
FinNifty Support and Resistance for 18th June 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 22,300 | 22,500 |
| 22,200 | 22,600 |
| 22,000 | 22,700 |
Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the Trade Setup after analyzing the Market.
Happy Trading 🙂
