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Nifty Prediction Today – 26th June 2024. Nifty is looking Bullish
Nifty is looking Bullish as it made a new all-time high on Tuesday led by the Index heavyweights, indicating that it the rally will last long and nifty may travel towards the 24,000 level soon.
As expected, Nifty opened higher on Tuesday but traded in the range between 23,550 and 23,600 till mid-day, and as I predicted earlier when Nifty crosses the 23,600 mark, it will sharply shoot upwards, and the exact happens today, after the breakout of the 23,600 level, Nifty witness heavy buying taking it above the 23,750 level, making a new high of 23,754.15 on Tuesday.
The leading sector that pushed the market higher on Tuesday is the Banking and Finance sector where the Nifty Bank Index is up by 1.74% and the Nifty Finance Index is up by 1.90% and the crazy thing is that the remaining sectors traded in the red today except Banking, IT, and the Healthcare.
Looking at the Nifty 50 Stocks,
Top Gainers: Shriram Finance, Axis Bank, ICICI Bank, HDFC Bank, HDFC Life Insurance
Top Losers: BPCL, Eicher Motors, Power Grid, Asian Paints, Tata Steel
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 26th June 2024
On the Technical chart, Nifty is forming an Ascending Broadening Wedge Pattern and it’s currently approaching its upper trendline with the resistance at the 23,800 level, and it’s more likely to fall from the resistance level once touched towards the 23,500 level.
As this pattern is mostly bearish, we may see a bearish market in the coming days if Nifty crosses the 23,500 – 23,400 level. But as of Now, the Market is in an uptrend and it may continue to trade higher towards the 24,000 mark, but first, it needs to cross the 23,800 resistance level to go further high.
FIIs activity is looking Bullish as they have increased they are adding more and more long positions in the Index Futures indicating that they are also Bullish on the Indian Markets.
What to Expect from Nifty on 26th June 2024
So for Tomorrow, 26th June 2024, Nifty is likely to open gap up as it forms an Ascending Broadening Wedge Pattern in the shorter time frame, and for tomorrow it may toches its upper trendline which is around the 23,800 level – continuing its uptrend movement.
But the 23,800 level is one of the important resistance levels for the Nifty in nearby terms and it may face difficulties crossing and winning this level, so only when the Nifty stays above the 23,800 level, only then it will travel toward the 24,000 mark this week, but if it falls from the 23,800 resistance level then it may fall back to the 23,500 level.
“Here are the trading levels for Nifty – 22,050 – 22,325“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 23,000 (1.30Cr) | 24,000 (1.08Cr) |
| 23,500 (90.57L) | 24,200 (58.26L) |
| 23,600 (75.57L) | 23,700 (46.75L) |
Nifty50 Support and Resistance for 26th June 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,600 | 23,750 – 23,800 |
| 23,500 | 23,900 |
| 23,400 | 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 🙂
