Market Prediction(Nifty and Bank Nifty for Friday, 30th June): The recent achievements of Sensex, Nifty, and Bank Nifty in reaching new all-time highs have created a buzz of anticipation and curiosity among market participants.
Furthermore, it is worth noting that June 30 marks the beginning of a new F&O (Futures and Options) expiry for the month of July. This event adds an additional layer of significance tomorrow as it sets the stage for potential market movements.
Nifty and Bank Nifty Prediction For Friday(30th June 2023)
Market Prediction for Nifty (30th June 2023)
After hitting a fresh all-time high, Nifty is now in the blue sky zone. It means the Nifty price can move to any level on the upside. But in the very short term, we can’t ignore the overbought condition of the benchmarks. So, for tomorrow, our approach will be cautiously bullish.
Considering the Nifty is in an uptrend, any existing long positions can be held for tomorrow with a stop loss of 18940. The upside range for the Nifty will be 19030–19180.
For those who carry shorts, the stop loss will be above 19020. This strategy will probably be for existing shorts only. The downside range for Nifty will be 18950–18800.
If the Nifty share price trades and sustains above 18950–18960, the bias will be bullish for tomorrow. Otherwise, the setup of the Nifty will be bearish.
Nifty Support and Resistance Levels:
Support: 18885.20, 18798.30, 18735.30
Resistance: 19035.10, 19098.10, 19185.00
Market Prediction for Bank Nifty (30th June 2023)
Similar to the Nifty, the Bank Nifty is also in the blue sky zone after making life high. But the Bank Nifty spot price is in a more comfortable position than the Nifty, as per the chart structure. So, there is a high probability of making highs tomorrow as well. But the overbought condition may also play a role on the higher side.
Existing long positions in Bank Nifty can be carried with an intraday stop loss of 44300. The target range on the upside will be 44500–44900.
For those who carry Bank Nifty shorts, the price of 44470 will be a stop-loss. But it’s only for existing shorts in the Bank Nifty. The expected downside range for tomorrow will be 44200–43950.
As long as the Bank Nifty share price trades above 44300, the view will be bullish for tomorrow. Only when it trades below 44300 will the outlook be negative.
Bank Nifty Support and Resistance Levels:
Support: 44157.87, 43987.93, 43812.67
Resistance: 44503.07, 44678.33, 44848.27
Conclusion
The Indian stock market is currently soaring in the blue sky zone, with the benchmark indices reaching all-time highs. While the upside potential remains uncertain, the downside risks are relatively known. However, what makes tomorrow’s trading session particularly interesting is the expectation of stock-specific movements within the broader market.
Stocks that have underperformed in the past may seize the opportunity to participate in the rally, even if the overall indices remain flat. But as per the futures and options data, indices may also rally cautiously with high PCR.
It’s important to note that tomorrow’s market may also be influenced by factors such as US stock futures and the weekend effect. So, traders must pay attention to these external elements as well.
Please note that all levels discussed above, including those for Nifty and Banknifty, are spot prices.
Chart Credit: Chartink
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