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FinNifty Expiry Day Analysis. FinNifty Prediction for June 11, 2024.
The Indian Market faced pressure with Nifty and Sensex falling 0.13% and 0.27%, while FinNifty fell 0.05%. Finnifty traded within a narrow range, reaching a high of 22,356 and a low of 22,085. Heavyweights like HDFC and Bajaj Finance contributed to the index's fall. With the weekly Expiry Day approaching, high volatility is expected. Trading on June 11, 2024, is likely to be negative for FinNifty, with resistance at 22,200, 22,300, and 22,500 levels and support at 22,000, 21,800, and 21,600 levels.
Nifty Finance Index also fell as the Indian Market is trading under pressure today but it somehow managed to do a little better compared to the benchmark where Nifty and Sensex fell 0.13% and 0.27% and on the other side FinNifty fell just 0.05% – but Banking and Finance Index is still underperformed compared to benchmark Indices.
Anyway, After opening just 15 points higher, Finnifty also traded sideways throughout the day making an Intraday high of 22,356 and an Intraday low of 22,085 which is still a 1% movement.
Nothing to say, as the Index fell due to the underperformance of the heavyweights where HDFC and Bajaj Finance traded in Red while other major stocks just traded a bit higher from going into the red territory.
>> Must Read: Nifty Prediction for 11th June 2024. Where will Nifty go?
Looking at the Bank Nifty 50 Stocks,
Top Gainers: RECL. LIC Housing Finance, ICICI Prudential, Cholamandalam Investment, ICICI Lombard
Top Losers: Bajaj Finance, HDFC Asset Management Co., Muthoot Finance, HDFC Bank, IDFC
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
FinNifty Prediction for 11th June 2024
Looking at the technical chart then FinNifty is facing resistance from the 22,350 level and today’s consolidation indicates that the market may fall further to the 22,000 level or even lower on Tuesday as tomorrow is the weekly Expiry Day of FinNifty hence we might see some high volatility in the market with some panic selling.
What to Expect from FinNifty on 11th June 2024
So, on Tuesday, the FinNifty is likely to open on a negative note or flat but it will most likely fall to the 22,000 level if the Global market performance is weak in the Night and also tomorrow is the FinNifty Expiry Day, and taking weekly expiry in account I am totally negative on FinNifty.
As the Banking and Finance Index is still under pressure we might see FinNifty trades with a negative bias on Tuesday, 11th June 2024 – with the Resistance at the 22,2000level followed by 22,300 and 22,500 levels, and the support placed at the 22,000 level followed by 21,800 and 21,600 levels.
“So here are the trading levels for Tomorrow – 21,800 – 22,300“
FinNifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 21,500 (19.85L) | 22,800 (29.18L) |
| 22,000 (12.5L) | 22,500 (22.07L) |
| 21,600 (11.55L) | 22,200 (17.81L) |
FinNifty Put and Call OI data
FinNifty Support and Resistance Level for 11th June 2024
| FinNifty Support Levels | FinNifty Resistance Levels |
|---|---|
| 22,000 | 22,200 – 22,300 |
| 21,800 | 22,400 |
| 21,600 | 22,500 |
FinNifty Trade Strategy for 11th June 2024
It is most likely to trade on the lower side, so we can go short in FinNifty on FinNifty Expiry day.
So, on Tuesday, 11th June 2024
If FinNifty opens lower, then we can immediately go short till the next support level and if it opens higher then wait for it to take resistance from the higher level and start falling after making any bearish chart pattern or candle Stick pattern and then we can go short till the next support level.
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 🙂
