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Nifty Expiry Day Analysis. Nifty Prediction for 13th June 2024
On the daily time frame Nifty made a shooting start candlestick which indicates a bearish market ahead. And also today the US Fed will announce its decision on the Interest rate and if there is no interest rate cut and no hope of any rate cut in the near term then we may see a heavy bearish market on Thursday 13th June 2024.
Today, Nifty opened 80 points higher from the previous closing and continued to trade with a positive bias making a new all-time high of 23,441.95 but after the mid-session, it started falling and closed the day lower from the opening level at 23,322.95 as traders waiting for the US Fed Meeting that will be finalized today after the 2-day meeting.
Looking at the Nifty 50 Stocks,
Top Gainers: Coal India, Eicher Motors, Tech Mahindra, SBI Life Insurance, Shriram Finance, NTPC
Top Losers: Mahindra & Mahindra, Britannia Industries, Hindustan Unilever, Tata Consumer, Titan
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 13th June 2024
On the technical chart, we can see that the Nifty has formed a shooting star candlestick near the resistance level on the daily time frame which indicates that the market may fall in the coming sessions.
This is most likely due to the US Fed meeting as there will be no Interest rate cut expected and as it happens it will ultimately put more pressure on the equity market.
What to Expect from Nifty on 13th June 2024
So, Thursday’s opening will be decided by the US Fed meeting decisions as it will largely impact the global equity market. But if there will be no rate cut then we can see some downside in the market tomorrow, but if there is any hope of the rate cut in the near term then we can see a bullish market tomorrow.
But my view is negative so, for 13th June 2024, I am expecting a bearish market, hence Nifty may open on a negative note as if forms a shooting star pattern on the daily time frame and it may continue to trade on the lower side with the nearest support at the 23,200 level and once it breached then we can see Nifty even lower at the 23,100 or 23,000 levels.
“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 (87.24L) | 24,000 (1.55Cr) |
| 22,800 (64.75L) | 23,500 (77.06L) |
| 23,200 (63.53L) | 23,400 (71.11L) |
Nifty50 Support and Resistance for 13th June 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,200 | 23,400 |
| 23,000 | 23,500 |
| 22,800 | 23,700 |
Nifty Trade Strategy for 13th June 2024
Nifty is likely to open on a negative note as it forms a shooting star candlestick on the daily time frame and also on the hourly time frame near the resistance level of 23,500 indicating further Beraish market.
So, for Thursday, 13th June 2024 –
If Nifty opens on a lower level from the previous closing then we should wait for it to face resistance from the round number levels then we can go short till the next support levels.
But if it opens higher and the global market is trading in green in the night, especially the US market then we should go long till the next resistance 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 🙂
