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Nifty Prediction Today – June 20, 2024. Nifty Expiry Day Analysis
Nifty is still trading sideways but slowing trading higher day-by-day making a new all time high each day. But it is currently trading forming a Rising Wedge pattern and once it breaks in the either direction - then the Nifty may rally following that direction.
On Wednesday, Nifty ended flat after trading up and down throughout the day, as it opened higher but suddenly fell back below the 23,500 level then it took almost the whole day to recover the early gains and made a new high of 23,664 but the fell in the last hour it again fell below and take support at 23,500 level and closed the day in the red with a loss of -41 points or -0.18% at 23,526 level.
The main loser of yesterday’s trading session was Nifty Realty which dropped 2.83% followed by Nifty PSE, Oil & Gas, Energy, and Nifty Auto Dextor which dropped more than 1% each, but still the elephant of the Nifty 50 which were Finance Stocks – saved the day for Nifty as NIfty Bank was up by 1.89% which is crazy – single-handedly pushing Nifty upward.
Looking at the Nifty 50 Stocks,
Top Gainers: HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank, SBI
Top Losers: Titan, L&T, Maruti Suzuki, Bharti Airtel, Hindalco
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 20 June 2024
Look, on the technical chart, Nifty is still trading inside the Rising Wedge Pattern which is not giving us any clear signals of any potential direction, but as the Rising Wedge Pattern is indecisive – means there will be no clear direction because either side it breaks out, it will likely to rally on that side.
So, without being aggressive, we need to wait for it to break out in any direction so that at least we have a direction to predict the levels.
And, as we look at the other Technical Indicators, then they suggest a bearish market ahead – because the RSI on the hourly chart is falling, the MACD is turning lower, and also the PCR is falling – indicating that the market may fall in the near term.
What to Expect from Nifty on 20 June 2024
So for Today, 20th June 2024 – Nifty is likely to open on a negative note, below the 23,500 level, and may trade lower throughout the day taking it around the 23,400 level or even lower.
But, once the Nifty is below the 23,400 level then we need to wait for it to face resistance crossing the 23,400 mark and after this when it starts falling again then it might fall and we may see Nifty at the 23,200 or even 23,200 in the coming sessions.
But if Nifty falls and bounces back from any key levels like 23,500 or 23,400 breaking out of the Rising Wedge pattern from the upper side, then it will likely trade higher and make a new high. (who knows)
So, the point is that the 23,400 level is crucial for Nifty50 as it previously acted as a key resistance level for Nifty – and if Nifty falls below this level then again it will more likely act as a resistance level but this time stronger and Nifty may face a hard time crossing it.
“Here are the trading levels for Nifty – 23,400 – 22,800“
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 23,000 (1.02Cr) | 24,000 (1.09Cr) |
| 23,500 (53.15L) | 23,800 (58.42L) |
| 23,400 (51.16L) | 23,600 (56.1L) |
Nifty50 Support and Resistance for 20 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 🙂
