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Nifty Prediction for 11th June 2024. Where will Nifty go Tomorrow?
After reaching a record high, Nifty faced losses and closed at 23,359.20 due to a decline in the Nifty IT Index. It is expected to consolidate with resistance at 23,500 and support at 23,200 - 23,000. The US job data suggests the Federal Reserve may not cut rates, putting pressure on global markets and possibly causing a negative bias in Indian markets too.
After opening higher and touching a new all-time high of 23,411.90 on Monday, Nifty starts consolidating between a range of 23,350 and 23,300 throughout the day, then ends the day in red at 23,359.20 level with – 30.95 points loss led by Nifty IT Index which falls nearly 2% with the biggest losers came out as Tech Mahindra, and Infosys that dragged the market down.
Anyway, Nifty is likely to consolidate for the next few trading sessions keeping the resistance level at the 23,500 and 23,800 levels with the support at the 23,200 and 23,000 levels. One of the key factors of this consolidation is the US monthly Jobs data that came out good but the jobs rate is still slower ticking up to 4% and extending a 30-month streak of unemployment.
This data reinforces the expectation that the Federal Reserve will hold off cutting interest rates in next week’s meeting – putting more pressure on the Global Market, hence we may see some consolidation with a negative bias in the Indian markets too.
>> Must Read: FinNifty Expiry Day Analysis. FinNifty Prediction for 11th June 2024
Looking at the Nifty 50 Stocks,
Top Gainers: UltraTech Cement, Grasim Industries, Power Grid Corp, Hero Motor Corp, Cipla
Top Losers: Tech Mahindra, Infosys, Wipro, Mahindra & Mahindra, LTI Mindtree
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 11th June 2024
On the Technical chart, Nifty is seen taking resistance before reaching the 23,500 level which might be a possible nearby resistance for Nifty, as the hope of the US Fed rate cut is dimmed and this might slow down the market speed for the next few days till the US Fed meeting.
Following the Technical chart we can see that Nifty is getting strong competition from the upper levels as the buyers are getting weak after the record-breaking past week pushing the market to its all-time high.
Following this, we might see Nifty once again falling but slowly with support at the 23,200 followed by the 23,000 and 22,800 levels while it might face resistance from the 23,500 level followed by 23,800 and 24,000 levels.
What to Expect from Nifty on 11th June 2024
In my view, the Nifty is likely to open flat but the opening will mostly depend upon the Global performance mainly the US in the night and the Gift Nifty, and if there is some weakness in the Global Market then we might see the Nifty getting into red territory this week falling to the 23,00 and 22,800 levels.
So, on Thursday, Nifty is likely to open flat on Tuesday, 11 June 2024 taking support at the 23,200 level and if the global performance is weak then we might see Nifty at the 23,000 level on Tuesday after this stunning performance.
But if Nifty is able to sustain above 23,200 and rises again then we may see it making a new high but this time this New High is not sustainable as the Global market is under pressure, hence traders might try to book some profits ultimately taking the market lower.
“Here are the trading levels for Nifty – 23,000 – 23,500“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 23,000 (67.96L) | 24,000 (1.23Cr) |
| 22,500 (45.02L) | 23,500 (69.43L) |
| 23,200 (34.43L) | 23,300 (37.62L) |
Nifty50 Support and Resistance for 11th June 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,200 | 23,400 |
| 23,000 | 23,500 |
| 22,800 | 23,800 |
Nifty Trade Strategy for 11th June 2024
In my view, Nifty is likely to trade with a negative bias this week, so looking for short trades on the rise is a good idea.
So, for Tuesday, wait for Nifty to face resistance from any round number levels then we can be good to go short till the next immediate support level and if it rises then we can still wait for it to face Resistance from the higher levels and then we can go short.
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 🙂
