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Nifty Prediction for 21st June 2024. Nifty may fall soon!
Nifty is still trading inside the Rising Wedge pattern trendline, and looking at the charts, and the technical indicators it seems that Nifty may likely to fall soon.
As expected, Nifty traded in a range but on the positive side, as it opened a little higher from the previous closing and traded almost flat on the expiry day, closing the day in green with a gain of 51 points.
Today, we are expecting a highly volatile market as today is the weekly expiry but the Market is trading in range with a slightly positive bias making an Intraday high of 23,624 and an Intraday low of 23,442.60.
All the sectors are trading in green today, except the Auto and Consumption sector, and on the other side, the Banking and the Commodities sector rallied the most.
Looking at the Nifty 50 Stocks,
Top Gainers: Hindalco, Grasin Industries, BPCL, JSW Steel, Adani Ports
Top Losers: Hero MotoCorp, Sun Pharma, Mahindra & Mahindra, NTPC, Wipro
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 21st June 2024
Looking at the technical chart, the Nifty is still inside the Rising Wedge Pattern (mostly a bearish pattern), but first, it needs to break out of the lower trendline which is the 23,500 level with a dominant Red Candle, and then if it breaks the 23,400 level then we can see a Bearish Market for days, as 23,400 is the strongest nearby support level for Nifty.
What to Expect from Nifty on 21st June 2024
Anyway, as the Nifty is still inside the Rising Wedge Pattern, we need to trade according to the support and Resistance levels till the Nifty breaks out of either side and as the Candle is forming on the hourly chart from the last 3-4 days, it indicates that Nifty is facing a tough time going higher and it may fall soon.
So, for Friday, 21st June 2024 – Nifty may open a little gap up above the 23,600 level but it will most likely fall and take support at the 23,550 and 23,300 levels once again, and if it continues to fall and breaks below the 23,500 level then we may see it at the 23,400 level as this is the current support for Nifty.
But, Nifty may likely continue the Bullish trend and will break above the upper trendline which is at around the 23,660 level. Once it breaks and then if Nifty quickly takes support at this point and starts moving upward then we may see Nifty at the 24,000 soon.
“Here are the trading levels for Nifty – 23,400 – 23,700“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 23,000 (84.35L) | 24,000 (88.34L) |
| 23,500 (56.58L) | 23,500 (45.66L) |
| 22,800 (46.88L) | 23,600 (39.48L) |
Nifty50 Support and Resistance for 21st June 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,500 | 23,650 |
| 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 🙂
