Nifty 50, Sensex today: What to expect from Indian stock market on June 19

GIFT Nifty trends also indicate a positive opening for the Indian benchmark index. GIFT Nifty was trading at 23,660 level, which is around 90 points higher than the previous close price of Nifty futures.

Domestic equity indices continued their upward trend and closed at fresh record highs on Tuesday.

The Sensex closed 308.37 points higher at 77,301.14, while the Nifty rose 92.30 points or 0.39% to close at 23,557.90.

Nifty50 formed a small negative candle with a minor lower shadow at higher levels on the daily chart.

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“Technically, this pattern indicates the formation of a doji pattern at new highs (not a classical pattern). Generally, such doji formations after a proper upmove or at new swing highs indicate caution for longs at higher levels. But, since this pattern has formed amid a range movement, the negative predictability of this pattern may reduce,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes that the short term trend of Nifty remains positive with range bound action. He added that after sustaining above the hurdle of 23,515 level (1.382% Fibonacci extension), Nifty is expected to move towards the next resistance of 1.786% Fibonacci extension at 23,950 level in the near future.

What to expect from Nifty 50 and Bank Nifty today:

Nifty OI data

Regarding Nifty open interest (OI) data, on the call side, the highest OI was seen at 24,000 and 24,500 strike prices. On the put side, the highest OI was at 23,000 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.

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Nifty 50 Prediction

On June 18, Nifty 50 witnessed a gradual increase and traded in a narrow range and closed with a gain of 92 points.

Rupak Dey, Senior Technical Analyst, LKP Securities said, “After a strong opening, Nifty remained within a range as the index formed another day of muted movement on the daily chart. For the last few days, Nifty has been moving sideways on an intraday basis, but eventually, it has moved above 23,500. From here onwards, the trend looks positive, with support at 23,300.”

According to them, a drop below 23,300 could increase selling pressure, while a higher level could take the index towards 23,800.

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Bank Nifty Prediction

The Bank Nifty index on Tuesday closed 439 points, or 0.88%, higher at 50,441, forming a bullish candlestick pattern with a lower shadow on the daily chart.

Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities said, “The Bank Nifty index finally crossed the resistance level of 50,200 and managed to close above it. The bullish momentum is likely to continue, potentially taking the index towards the 51,000 level.”

Shah said the market remains in a bullish trend and buying is recommended with strong support at 49,700 points.

Disclaimer: The views and recommendations expressed above are those of individual analysts or broking companies and not that of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: June 19, 2024, 07:26 AM IST