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Nifty Prediction for 14th June 2024. Will Nifty Cross 23,500?
Nifty has formed a higher high and higher low pattern indicates that there might be a bullish market ahead.
On Thursday Nifty traded sideways after opening near its resistance level of 23,500 but taking weekly expiry into account, it traded within a very narrow range of just 50 points throughout the day, while making an intraday high of 23,481 and an intraday low of 23,353.90
It is expected the Market may jump higher than 23,500 as the US Fed has announced a 1% rate cut this year but the Indian market hasn’t responded to it.
Looking at the Nifty 50 Stocks,
Top Gainers: Shriram Finance, HDFC Life Insurance, Divi’s Lab, Mahindra & Mahindra, L&T,
Top Losers: Hindustan Unilever, Axis Bank, Britannia Industries, ICICI Bank, Eicher Motors
Nifty50 Prediction for 14th June 2024
After the US Fed announced that they are not going to cut the Interest rates for now, but there will be a rate cut this year which boosted positive sentiment among the market participants that led the Nasdaq and S&P to open at record highs – and is expected that the Indian market will most likely see some buying interest after 4 days of consolidation but it doesn’t happen and the market revolves around just 50 points which is rare.
What to Expect from Nifty on 14th June 2024
Looking at the technical chart, Nifty is already making a new high every day despite its consolidation continuing for the 4th straight session, indicating that there will be a Bullish market soon but only if Nifty once crosses the 23,500 mark and sustains above it.
But as of now, Nifty’s immediate resistance is at the 23,400 level and if Nifty opens higher on Friday and sustains above this level then we can see a Bullish market tomorrow, but if Nifty falls below this level and faces resistance crossing it, then we may see Nifty at 23,200 once again.
Also, there is a Trendline support for Nifty at the 23,320 level, and for any downside, Nifty must break the lower trendline and continue to trade below – confirming any bearish move, but if it falls and immediately rises above the trendline support then we can also see a reversal
“Here are the trading levels for Nifty – 23,200 – 23,550“
Note:-
You need to monitor a number of things to predict the market moves, as there is no clear indication that tells where the Market will go Tomorrow or in any coming days or weeks – this means we are predicting a possibility based on past movements, News, and the Global Indication – that the Indian Market may do this – if this happens.
So, do not take our words for granted, and before making any trading decision based on our prediction, you must do your own research.
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 22,500 (29.05L) | 24,000 (36.02L) |
| 23,400 (28.98L) | 23,400 (32.71L) |
| 23,000 (28.51L) | 23,500 (30.98L) |
Nifty50 Support and Resistance for 14th June 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,320 – 23,300 | 23,500 |
| 23,200 | 23,600 |
| 23,000 | 23,700 |
Nifty Trade Strategy for 14th June 2024
Nifty is likely to go upward as it forms a higher high and higher low pattern so, we need to make our trade strategy based on this.
so, for Friday, 14th June, 2024,
If Nifty opens gap up above the 23,400 level and sustains above it then we can go long till the next resistance level.
But if it opens below the 23,400 level then we have support at the trendline at the 23,320 level, hence we need to wait till it responds to this support level and if it breaks this level and continues to trade lower from this level then we can go short till the next support level.
But if it immediately reverses after the trendline break then we should wait for it to once again cross the 23,400 level and then go long.
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 🙂
