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Nifty Prediction for 19 June 2024. Where will Nifty Go?
Nifty has crossed above the rising wedge pattern which indicates a bullish market, but we need to wait for it to take support at the 23,500 level and then go up and if it falls below the 23,500 level then it might be a trap and we may see a bearish market ahead.
Opening the day with a new high and ending the day around the opening level is quite suspicious as Nifty traded sideways for the day between a narrow range of just 80 points, the 23,499 – 23,480 level.
Looking at the Nifty 50 Stocks,
Top Gainers: Shriram Finance, Power Grid, Wipro, ICICI Bank, Adani Enterprises
Top Losers: Maruti Suzuki, Dr. Reddy’s Lab, Tata Steel, Ultratech cement, Hero MotorCorp
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 19th June 2024
On the technical chart, Nifty crossed above the rising wedge pattern upper line and stayed above it for the rest of the day which indicates a strong market but at the same time, it looks suspicious as Nifty is likely to trade higher after the pattern breakout which in this case – Nifty is likely to cross the 23,600 level.
Anyway, it might be looking for support at the 23,500 level to shoot for the higher levels, so on Wednesday, we need to watch the Nifty as it takes support at the 23,500 level and then trade higher or fall back to the 23,400 level once again, and this is because “that this Rising wedge pattern crossover might be a trap – so we need to observe carefully.
What to Expect from Nifty on 19th June 2024
So on Wednesday, 19 June 2024, Nifty might open a little higher around the 23,600 level and then it might trade sideways or on a falling slope taking it back towards the 23,500 level – and this is what I think as of my technical analysis.
But, there might be other cases,
Like, If Nifty crosses the 23,600 level then it might rally towards the 23,700 level – if the breakout of the 23,600 level with a bullish candle on Wednesday, and also Nifty is likely to take support at the 23,500 level to gain some buying momentum from the lower levels to trade higher towards the 23,700 and 23,800 and 24,000 levels – so first it might fall and then go up.
Also, one more thing is that – this rising wedge pattern breakout might be a trap – so we need to wait and confirm that – Is this a trap or a real breakout, and for this wait for Nifty to react at the 23,500 level.
“Here are the trading levels for Nifty – 23,400 – 23,800“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 23,000 (71.56L) | 24,000 (88.21L) |
| 23,400 (59.11L) | 23,800 (42.21L) |
| 23,500 (51.06L) | 23,500 (39.55L) |
Nifty50 Support and Resistance for 19th June 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,500 | 23,600 |
| 23,400 | 23,800 |
| 23,300 | 24,000 |
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 🙂
