What the Indian stock market will be doing in trading on June 19 based on the Nifty 50 and Sensex today?
The Indian benchmark index is off to a good start, according to Gift Nifty’s habits. The Gift Nifty was trading at a premium of about ninety points over the previous closing of the Nifty futures, at 23,660.
Nifty 50 formed a small negative candle at the highs on the daily chart with minor lower shadow.
Under encouraging indications from the global market, both of the major Indian stock indexes, the Sensex and Nifty 50, are probably going to open higher on Wednesday.
The Indian benchmark index is off to a good start, according to Gift Nifty’s patterns. The Gift Nifty was trading at a premium of about ninety points over the previous closing of the Nifty futures, at 23,660.
The nation’s stock indices continued their upward trend on Tuesday, ending at new all-time closing highs.
The Nifty 50 closed 0.29% higher at 23,557.90, or 92.30 points, better than the Sensex, which gained 308.37 points to conclude at 77,301.14.
On the daily chart, the Nifty 50 produced a little negative candle at the highs with a slight lower shadow.
Technically speaking, this pattern suggests that a doji pattern—rather than a traditional one—is forming at the new highs. Such doji patterns often indicate caution for longs at the highs following a fair upmove or at the fresh swing highs. However, because this pattern developed during a range movement, there may be less reason to expect a bad outcome for it, according to HDFC Securities Senior Technical Research Analyst Nagaraj Shetti.
He thinks range-bound activity and a favorable short-term trend for the Nifty are still present. He continued, “One could expect the Nifty to go towards the next a barrier of 1.786% Fib extension at 23,950 levels in the near term having maintained over the obstacle of 23,515 levels (1.382% Fibonacci extension).hat is expected from Bank Nifty and Nifty 50 today is as follows:
Nifty OI Data
Regarding the Nifty Open Interest (OI) data, on the call side, the highest OI was observed at the 24,000 and 24,500 strike prices. On the put side, the highest OI was at the 23,000 strike price, noted Mandar Bhojane, Research Analyst at Choice Broking.
Nifty 50 Outlook
On June 18, range-bound trading gave way to a moderate upward momentum in the Nifty 50, which ended the day up 92 points.”After a strong opening, the Nifty stuck to a range as the index produced another day of quiet trading on the daily chart. Nifty has been fluctuating sideways within a day for the past few days, but it has now risen beyond 23,500. Support is located at 23,300, and the trend appears to be favorable from here, according to Rupak De, Senior Technical Analyst at LKP Securities.
According to him, a fall below 23,300 might induce selling pressure, while on the higher end, the index might move towards 23,800.
Forecast for the Bank Nifty
On the daily charts, the Bank Nifty index formed a bullish candlestick pattern with a smaller shadow after rising 439 points, or 0.88%, to close at 50,441 on Tuesday.
“The Bank Nifty index was able to close above the 50,200 resistance barrier after it eventually broke through. The index may rise above the 51,000 barrier as a result of the positive momentum, according to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
The undertone remains extremely bullish, and a buy approach is recommended with strong support at the 49,700 mark, Shah added.
Notice: Mint does not endorse the opinions or suggestions expressed above; rather, they represent the opinions of certain analysts or brokerage firms. Before making any financial decisions, we suggest investors to consult with qualified specialists.
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