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Nifty Prediction for Monday, 10th June 2024. Will Nifty Go Up?
Nifty surged +468.75 points, reaching 23,338.70 near its all-time high, driven by the IT sector and a 2% rise across sectors. Following a positive streak, it is expected to open at 23,350 on June 10, pushed by the Prime Minister's inauguration. However, caution is advised if it dips below 23,200. FIIs' bullish activity also supports optimism.
Last Friday, Nifty rallied +468.75 points or +2.05% trading near its all-time high of 23,338.70 led by IT sector stocks, but not only the IT sector, almost all the sectors performed well on Friday from Banking to Oil and Gas with an average of 2% rise in all Sectors.
This is one of the craziest recoveries after this sudden fall on the election results day, as Nifty ended the day in Green for three consecutive sessions, gaining 1600 points in the last three days.
Anyway, after opening on a negative note, Nifty continued to rise immediately after the opening bell throughout the day, making an intraday high of 23,320.20 which is just 18 points away from the all-time high – and the best part is the FIIs were the net buyers on the last Friday with the buying value of Rs. 4391Cr in the cash market – and this is a positive sign for the market.
Looking at the Nifty 50 Stocks,
Top Gainers: Mahindra & Mahindra, Wipro, Tech Mahindra, Infosys, UltraTech Cement
Top Losers: SBI Life Insurance, Tata Consumer
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 10th June 2024
Looking at the charts, the Nifty is just shooting upward from the last three trading sessions, and on the last trading session, after opening on a negative note, it immediately took support at the 22,800 level and rallied upward towards its all-time high level without any pullback, indicates that Nifty is ready for a new high this week.
What to Expect from Nifty on 10th June 2024
So, on Monday, 10th June 2024, Nifty might open on a positive making a new all-time high, as once again Narendra Modi is going to take oath as the Prime Minister of India, which in my opinion, is a positive sign for the Market and the Investors will take it positively, pushing the market towards a new record high.
Hence, I am expecting Nifty to open around the 23,350 level and then it might trade higher taking it over the 23,500 level on Monday, 10th June, if everything goes fine.
But always be ready for any bad consequences,
so, if Nifty falls below the 23,250 level then 23,200 on Monday, and consistently facing resistance crossing these levels then it might fall back toward the 23,000 level once again.
“Here are the trading levels for Nifty – 23,000 – 23,500“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 23,000 (56.21L) | 24,000 (91.5L) |
| 22,500 (34.99L) | 23,500 (40.26L) |
| 22,800 (32.03L) | 23,000 (35.84L) |
Nifty50 Support and Resistance for 1st June 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,150 | 23,500 |
| 23,000 | 23,700 |
| 22,800 | 23,800 |
Nifty Trade Strategy for 1st June 2024
Looking at the data, events, charts, and Institutional activities then it seems that Nifty is ready for a new high on Monday, as FIIs are the net buyers on Friday with the addition of Rs. 4391Cr in the Cash Market, and also they are bullish in the Nifty Futures, indicating a Bullish move in Nifty.
Also, on Sunday, Narendra Modi is once again going to take the oath of the Prime Minister which in my opinion market will take positively and ultimately we can see a good move in Nifty on Monday.
So, on Monday, we need to go for long in the Dip as Market sentiment is Bullish and trade with a positive bias.
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 🙂
