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Stock Market Prediction – Nifty Prediction for 12th June 2024.
Market is eagerly waiting for the US Federal Decision on the Interest rate cut and most likely it will put the rate unchanged, putting pressure on the equity market.
On Tuesday, despite opening flat, Nifty rode the wave and started trading higher making it all the way up toward the possible resistance level of 23,400, suddenly in the last trading hour it fell from the day high to almost the day low of 23,238 and ended the day with a minor gain of just 5 points.
Nifty is consistently facing resistance from the 23,400 level from the last 3 trading sessions, and consolidating within a narrow range of 23,200 and 23,400 which in my view not a big deal for Nifty50 but it is waiting for something big that will decide the market direction – and possibly the decider could be the US Federal Meeting that will be on the 12th June.
Looking at the Nifty 50 Stocks,
Top Gainers: ONGC, Tata Motors, Adani Ports, L&T, Maruti Suzuki
Top Losers: Kotak Mahindra Bank, Divi’s lab, Dr Reddy’s Lab, Reliance Industries, ITC
Also Read: Bank Nifty Prediction for 12th June 2024. Bank Nifty Expiry Day Analysis
Nifty50 Prediction for 12th June 2024
Looking at the technical chart, As expected Nifty is consolidating within a narrow range of just 200 points indicating that the market is getting ready for bigger news, and as queued – tomorrow is the US Fed meeting on the Interest rate which will largely impact the Equity market.
What to Expect from Nifty on 12th June 2024
So, on Wednesday, the Nifty opening is wholly based on the decision of the US Fed, and most likely they are going to put the interest rate unchanged which might put pressure on the equity market but any nearby rate cut announcement will spread the positivity in the Stock market, leading it to trade higher on Wednesday 12th June 2024.
So, on Wednesday, if there is any rate cut hope in the near term then the market will likely to trade higher toward the 23,500 level but if there is no rate cut and no hope of any rate cut in the near term then we might see a fall in the Nifty towards the 23,000 level once again.
“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) |
|---|---|
| 22,500 (78.10L) | 24,000 (1.67Cr) |
| 23,000 (68.53L) | 23,500 (56.38L) |
| 23,200 (50.37L) | 23,800 (45.88L) |
Nifty50 Support and Resistance for 12th June 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,200 | 23,400 |
| 23,000 | 23,500 |
| 22,800 | 23,600 |
Nifty Trade Strategy for 12th June 2024
We are waiting for the US Fed Meeting which will broadly impact the global equity market and so will the Indian market so we are waiting for the final decision on the Interest rate.
Till then wait, and once the decision is final we will update the trade strategy on this page.
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 🙂
