The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,180 level, a premium of nearly 85 points from the Nifty futures’ previous close.
On Thursday, the domestic equity indices registered fresh closing highs, with the Nifty 50 seeing June F&O series record expiry above the 24,000-mark.
The Sensex jumped 568.93 points, or 0.72%, to close at 79,243.18, while the Nifty 50 settled 175.70 points, or 0.74%, higher at 24,044.50.
Nifty 50 formed a long bull candle on the daily chart, which is four similar back-to-back candles in the last four sessions.
Also Read: Indian stock market: 8 things that changed for market overnight – Gift Nifty, US jobless claims to SEBI board decisions
“After the formation of a bullish pattern like ‘three advancing soldiers’ on Wednesday, Nifty continued to surge higher. This is a positive indication. The underlying trend of Nifty continues to be positive,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty OI Data
Analysing the Nifty Open Interest (OI) data, on the call side, the highest OI was observed at the 24,500 and 25,000 strike prices. On the put side, the highest OI was at the 23,800 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.
Nifty 50 Prediction
Nifty 50 continued the decisive upside momentum for the fourth consecutive session on June 27 and closed the day higher by 175 points.
“The Nifty continued moving up as the bulls took the index to a new all-time high. The Nifty made new all-time highs for the last three consecutive sessions, showing signs of resilience amid global sluggishness. The trend remains positive for the short term or until it breaks below 23,800,” said Rupak De, Senior Technical Analyst, LKP Securities.
He believes on the higher end, the index might move towards 24,200.
Also Read: Chandan Taparia’s recommendations: How to trade Siemens, Dixon Tech and Grasim shares on June 28?
According to Chandan Taparia, Senior VP, Equity Derivatives & Technicals, Broking & Distribution, MOFSL, a decline in volatility is seen with a surge in Put Call Ratio which indicates that overall bullish bias could continue in the market.
“Now, till Nifty holds above 23,750 zones, this momentum could continue to take the index towards 24,250 and 24,500 zones, while on the downside supports are shifting higher at 23,750 and 23,500 zones,” Taparia said.
He is of the view that option traders can initiate Bull Call Spread by buying one lot of 24,000 Call and sell one lot of 24,200 Call to continue to be with bullish bias of the market.
VLA Ambala, Co-Founder of Stock Market Today notes that the Nifty has broken through its resistance trendline by pushing the key support up to 23,000, reflecting any dips to this level would be absorbed.
Considering these, the Nifty is expected to find support between 23,880 and 23,800 levels and could meet resistance at 24,080 and 24,150, in the next trading session,” Ambala said.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 28
Bank Nifty Prediction
Bank Nifty index succumbed to profit booking at record high levels and snapped a three-day gaining streak to close 59 points lower at 52,811, forming a High Wave kind of candlestick pattern on the daily charts. The index hit a fresh record high of 53,180 during the session.
“The Bank Nifty index experienced volatile moves, trading in a broad range with support at 52,700 and resistance at 53,100. The index needs to decisively sustain above 53,000 for a continued move towards the 53,400 / 53,700 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
However, it is trading in overbought territory, and failure to sustain above 53,000 could lead to a correction towards the 52,500 / 52,000 levels, Shah added.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 28 Jun 2024, 07:17 AM IST