Disclaimer: Information on this site is only for Education Purpose. Don't take our Articles as any Investment or Trading Advice, as we are not SEBI Registered.
Nifty Prediction for 7th June 2024. Nifty may cross 23,000 again.
Bulls are looking strong as of now, as Nifty recovers more than 1000 points in just 2 days, and as Narendra Modi is going to be the Prime Minister for the third time, then Market might takes it positively and we may see Nifty above 23,000 once again.
As expected, Nifty traded in a range between 22,600 and 22,900 levels on the Expiry day, closing the day at 22,821.40, up by 201.05 points or 0.89% from the previous trading day, after making an Intraday high of 22,910.16 and an Intraday low of 22,642.60 which is near my predicted levels.
This a good sign from the Nifty after falling almost 8% on the election result day and this recovery in the market indicates that it may rally toward a new high this month.
Anyway, after opening higher around the 22,800 level, the Nifty suddenly faces selling pressure but as today is the weekly expiry, Buyers do not let Sellers break the market below the 22,600 level – keeping it in a range throughout the day.
But the most important thing is that Everyone (from index to stock) is just adjusting themselves compared to the previous levels (before the election result Manipulation). Because the sectors that were shaken up by this election results like PSE, Energy, and Oil & Gas were gaining momentum once again and sectors like FMCG and Healthcare that shot up during this event are correcting accordingly.
Looking at the Nifty 50 Stocks,
Top Gainers: HCL Tech, Tech Mahindra, SBI Life Insurance, Shriram Finance, SBI
Top Losers: Hindalco, Heromotor Corp, Hindustan Unilever, Asian Paints, Nestle India
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 7th June 2024
Looking at the Index then it seems that the Nifty is currently in recovery mode as it recovered the 1000 points in just 2 days making it over the psychological and one of the important resistance levels of 22,800 which is a good sign for the overall Market.
And, why not – because the market is waiting for the BJP to form the government, and it’s happening but in this term, the BJP is not in a situation to form the government alone so it forming the government with its alliance NDA but still the majority is in the hands of the BJP which in my view a good sign and market may take it positively.
What to Expect from Nifty on 7th June 2024
Hence it’s confirmed that Narendra Modi is going to become the Prime Minister once again, and will take the pledge on Saturday, the Market may see an Upward movement on Friday, taking it over the 23,000 level.
So, on Friday 7th June 2024, Nifty may open Gap up around the 22,900 level (as it closes above the resistance level of 22,800 today), and then move toward the 23,000 level once again, but it may fall after the opening bell in my view, Nifty will take support at the 22,800 level and then continue its upward movement toward the 23,000 level.
But there always be a second Path, so you need to gain some knowledge about that – Hence, if Nifty does not open higher and falls below the 22,800 level and faces resistance going above the 22,800 level then it may once again fall to the 22,600 level and then 22,500 level.
“Here are the trading levels for Nifty – 22,600 – 23,050“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 22,000 (24.84L) | 23,500 (32.71L) |
| 22,500 (20.87L) | 23,000 (30.94L) |
| 22,800 (18.29L) | 22,800 (19.3L) |
Nifty50 Support and Resistance for 7th June 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 22,800 – 22,700 | 23,000 |
| 22,600 | 23,100 |
| 22,500 | 23,200 |
Nifty Trade Strategy for 7th June 2024
Once again Nifty is soaring as it recovered 1000 points in the last two trading sessions, indicating that the Market is ready for a new history, and forget the sell of that occurred on Election Result day, and Bulls are again taking charge.
So, here is the trade setup for Friday, 7th June 2024
If Nifty opens Gap Up above the 22,850 level then we can go long till it reaches the Next Resistance level as mentioned above, but you always wait for it to see if it is falling for taking support or not.
Then, if the Nifty falls below the 22,800 level then wait till the Nifty reverses and stays above the 22,800 level and then think of going long – and I am putting more focus on the 22,800 level because it is the most important psychological level as of Now.
But if it falls below the 22,800 level and according to the RSI is falling then we can go short till the next support level but only if then any Bearish Candlestick or Pattern is formed.
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 🙂
