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Nifty prediction for 18 June 2024. A Comprehensive Analysis.
Nifty is looking positive but still consolidating within a Narrow range forming a Rising Wedge Pattern - indicating that the market is likely to fall in the near term.
Last Friday, Nifty opened higher but fell in the opening session but somehow managed to get back to the opening levels and traded sideways but with a positive bias giving the respect to the 23,500 resistance level.
Looking at the sectors in Nifty 50 – the IT sector was the biggest loser with a loss of -0.86% in the Nifty IT index and on the other side, the Auto Sector shone where the Nifty Auto Index rose +1.29% – taking the Nifty towards a new high of 23,490.40.
Looking at the Nifty 50 Stocks,
Top Gainers: Eicher Motors, Mahindra & Mahindra, Adani Ports, Shriram Finance, Titan
Top Losers: Tech Mahindra, TCS, Wipro, HCL Tech, Kotak Mahindra Bank
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 18th June 2024
On the Technical Chart Nifty is slowly getting towards a new high with every trading session, but somewhere it is facing resistance from the higher levels which is 23,500.
But don’t take it too easy as there are certainly more things to monitor like FIIs Futures Activity, Daily Buying and Sellings in Futures, Changes in Index Options, and more – and I have done the research for you.
So, If we look at the FII’s Daily Buying Activity in Index Futures then the Fii’s are still in the Buying zone but the quantities are decreasing indicating that they are losing the buying Interest.
But if you look at the OI in the Index Futures then FIIs are covering their short positions indicating that the market will more likely go up.
So here are the scenarios –
- Nifty is in a positive trend but with very little volatility waiting for a trigger to shoot.
- A fall in Nifty is expected this month but it will more likely be within a range and Nifty may continue to trade in a range.
- FII’s activity is looking a minor positive – but there is no clear indication as they are also on the verge of Indecisiveness – as Buying and Selling in Index futures are getting equal, OI in the Index Futures are decreasing, and OI in the Index Options are just equal or a slightly positive.
so, now we have only one thing left to predict the market – which is levels and Chart patterns.
And, As I said the Rising wedge pattern is forming on the Nifty Technical Chart which is a bearish sign, so wait for the Nifty to react to a certain level like 23,500, and then make your trades.
What to Expect from Nifty on 18th June 2024
My view on the market is still positive, as Nifty is consistently getting a new high every day in this less volatile market, and it is more likely the Nifty will cross the 23,500 soon and make its way towards the 24,000 level which is the highest resistance level for Nifty in the Near Term.
So, on Tuesday, Nifty is likely to open flat but we need to wait for US markets on Monday – as our markets are closed on Monday- to clarify the opening bells.
Anyway, if Nifty manages to trade above the 23,500 level then Nifty will more likely get its way toward a new high on Tuesday like 23,600 and 23,700, but if Nifty falls below the 23,400 level and faces resistance crossing it, then we can see Nifty towards the 23,300 and then 23,200 on Tuesday.
But the overall Market sentiment is bullish.
“Here are the trading levels for Nifty – 23,300 – 23,600“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 23,400 (51.19L) | 24,000 (66.45) |
| 23,000 (45.39L) | 23,500 (41.01L) |
| 23,300 (41.17L) | 23,400 (32.94L) |
Nifty50 Support and Resistance for 18th June 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,400 | 23,500 – 23,600 |
| 23,300 | 23,700 |
| 23,200 | 23,800 |
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 🙂
