Nifty and Bank Nifty Prediction For Monday 26 June 2023: The Indian equity market ended the day on a negative note amid subdued global cues on Friday. Despite an initial range-bound move in the market, indices gave up all gains during the day.
The NSE Nifty 50 failed to close above 18700, though the closing price (18,665.50) was above 18650. Even though the Bank Nifty was strong for the majority of the day on the back of the rally in IndusInd Bank. Finally, due to selling pressure in the second half, it closed falling by 0.23 percent at 43,622.90.
Nifty and Bank Nifty Prediction For Monday 26 June 2023
Nifty Prediction For Friday 26 June 2023
NIFTY (18,665.50)
The Nifty is currently in a negative trend on both the daily and hourly charts, though the basic structure is still in an uptrend. If you currently hold long positions, you can continue holding them. However, it’s important to set an intraday stop loss of 18,600. On the upside, Nifty can move to the range of 18710–18770 as long as it trades above 18650.
If the Nifty falls below 18,600, it may signal a potential shift in the market. If this happens, you can consider initiating fresh short positions for further downside levels.
As per the daily chart formation, tomorrow will be decisive for the Nifty. The closing level will be important for Nifty. There will be a confirmation of the double top formation on the daily chart once Nifty trades below 18600. Below 18600, the Nifty can drift down toward 18500–18460.
NIFTY Support 18622.93-18580.37-18513.63
NIFTY Resistance 18732.23-18798.97-18841.53
Bank Nifty Prediction For Friday 26 June 2023
BANKNIFTY (43,622.90)
The Bank Nifty is currently in a negative trend on the daily and hourly charts. If you are holding short positions, then continue to hold with an intraday stop loss of 43800. Fresh long positions can be initiated if the Bank Nifty trades above 43800. Above 43800 Bank Nifty can move toward 44000-44100.
If we consider the daily and hourly charts of Bank Nifty, the overall formation seems to be negative for very short timeframes. But 43500 will be a very critical support area for Bank Nifty. So, fresh shorts can be deployed once they break and sustain below 43500. Then, the Bank Nifty can move toward 43000 and sub-42800.
So, as of now, 43800 is on the upside and 43500 is on the downside, which will be key levels for tomorrow. Breaking of any side will decide the upcoming trend of the Bank Nifty for tomorrow.
BANKNIFTY Support 43486.93-43350.97-43182.38
BANKNIFTY Resistance 43791.48-43960.07-44096.03
Conclusion
Given the deterioration in the world equity markets, Monday’s opening of the Indian market might also be negative. Midcap financials were the first indication of market deterioration. The majority of the winners suffered from heavy profit booking. On Thursday and Friday, the equities that had been strongly up last week plummeted sharply.
There is currently a high likelihood of a retreat and profit booking on any bounce in the Indian market. The benchmarks are in a reversal on both the hourly and daily charts, so any bounce tomorrow will be a good opportunity to start new short positions.
Chart Credit: Chartink
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