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Nifty Prediction for Monday, June 24, 2024.
Nifty is taking support at the 23,400 level after the breakout of the lower trendline of the Rising Wedge pattern, and this indicates a bearish market ahead but only after the breakout of the 23,400 level with a strong red candle
Nifty opened higher on Friday, making a new high of 23,667.10. Still, right after the opening bell, it started falling making an intraday low of 23,398 which is its strongest support level in the nearby term. Still, the good thing is that Nifty reversed from this level 2 times a day which indicates that the level is an important zone for buyers, and if Nifty falls below this level – it may turn bearish.
Looking at the sectors, then only the IT sector was in the green on Friday, up by +0.75% and the remaining sector was trading in red in which the FMCG sector was the top loser with a -1.19% loss followed by the Oil & Gas Sector which is trading -1.07% lower.
Looking at the Nifty 50 Stocks,
Top Gainers:
Top Losers:
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 24th June 2024
Looking ahead to Monday, 24th June 2024, Nifty is likely to trade in green but the dilemma is that the Technical Indicators are falling, indicating that the Market is losing momentum and buyers are losing interest which may turn the market bearish.
As the Nifty is trading at its support level of 23,400 and the problem is that it touched it 2 times in a day but still not getting enough momentum, which might make the support weak, and if the Nifty falls below the 23,400 level on Monday, then the broader Index may turn bearish for the week.
FII’s Activity in Cash – looking bearish as they are still the Net sellers in the cash market for June Month till date with net sold shares of RS.2585 Cr in which they net sold -1790 Cr worth of shares on Friday alone.
FII’s Activity in Index Futures – looking at the Index futures then FII’s are bullish on Nifty but on a daily basis they are lowering their long build in the Index Futures means, that they are building fewer Long Positions day-by-day which indicates that they are also uncertain about the market.
But the Overall Sentiment is still Bullish.
What to Expect from Nifty on 24th June 2024
So, on Monday, 24th June 2024 – Nifty may open higher as it closes above the 23,500 level on Friday which is a key support level for Nifty which indicates buying activity may push the market higher in the opening on Monday.
But as I said earlier, Nifty is forming a Rising Wedge Pattern and if it breaks out the lower trendline then it might turn bearish, and on Friday it breaks below it, but it takes support at the 23,400 level which is a key support level for Nifty.
So, we need to wait and watch if Nifty reverses back above the 23,600 level or breaks below the 23,400 level – and if it reverses and crosses the 23,600 level then we can see a bullish market for the week, but if it falls below the 23,400 level then we may see a bearish market for the week.
“Here are the trading levels for Nifty – 22,300 – 22,700“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 23,000 (96.01L) | 24,000 (1.06Cr) |
| 23,500 (51.97L) | 23,500 (57.83L) |
| 23,400 (38.10L) | 23,600 (55.39L) |
Nifty50 Support and Resistance for 24th June 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,500 – 23,400 | 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 🙂
