Sensex, Nifty trade set-up for Monday, June 24: Daily chart suggests that the rally on the Nifty is showing signs of tiredness; near support seen at 23,400, here's what experts recommend.
All you need to know before the stock market opens on Thursday June 20: FIIs net bought stocks up to Rs 8,000 crore yesterday; and also turned net long in index futures for the first time since May 28
So far in June 2024, the NSE benchmark has gained more than 1,000 points and hit as many as 30 new highs in less than six months in the calendar year 2024; Here's a chart check on the Nifty 50 index.
The NSE Nifty on Tuesday, June 04, registered its biggest intra-day fall ever on declining nearly 2,000 points beating the Covid-19 induced panic selling loss of 1,162 points on March 23, 2020.
Nifty50 outlook: On the downside, the 21,850-22,150 zone is anticipated to provide support. Traders are advised to maintain caution
The benchmark index stayed put on the higher grounds, registering fresh highs, but the intense bout of profit booking on the last day led Nifty to have a subdued weekly closure at 22475, procuring a m
Market trading strategy: A suitable stop-loss level for the Nifty50 index could be placed at 22,675, providing a buffer against potential losses
Nifty50 outlook: Downward gap zone of 22,503 and 22,427 is expected to remain resistance for the Nifty in the near-term
According to Ravi Nathani, an independent technical analyst, the Nifty may underperform and seek support around 22,445, 22,365, and 22,250 in the near term.
The Nifty Financial Services Index, currently positioned at 21,604.50, has recently undergone a sharp rally, bringing it into close proximity to its resistance level of 21,700
It is advisable for traders to consider booking profits on upward price movements near the resistance level
According to Ravi Nathani, an independent technical analyst, the 22,527 level on the upside and 22,170 on the downside are the key levels to watch out for on the Nifty 50 index.
Markets are evenly poised, anticipated rate cuts can provide positive impetus to the market going forward, believes Suresh Soni, CEO of Baroda BNP Paribas Mutual Fund.
According to Ravi Nathani, an independent technical analyst, the Nifty 50 index is seen range-bound between 22,400 - 22,580.
The BSE Sensex has gained on an average 7.7 per cent in the month of March in the last three general election years. Will history be repeated?
Nifty likely to see a directional move on breakout from the 22,100 - 22,325 trading range, says Ravi Nathani, an independent technical analyst.
According to Ravi Nathani, an independent technical analyst, the trading strategy for Nifty and the Bank Nifty is 'sell on rise'.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index is likely to face stiff resistance between 38,000 - 38,125.
Trading strategy for Nifty50: The recommended trading strategy aligns with selling on upward movements
Among individual stocks, Vinay Rajani, technical & derivative analyst at HDFC Securities, recommends to Buy NCC and Sonata Software for up to 18 per cent upside.