Nifty and Bank Nifty Prediction For Tomorrow 27 June 2023: The Indian equity market concluded Monday’s session with marginal gains in the Nifty and Bank Nifty. While the headline indices remained stuck within a narrow range, it was the broader market that stood out, exhibiting strong outperformance.
Indexes Movement of the Day
The NSE Nifty 50 and Nifty Bank experienced a day characterized by indecisiveness and trading within a small range. Although there were occasional fluctuations, the indices couldn’t manage to break free from their constraints. The Nifty reached a low of 18,646.70 and a high of 18,722.05, ultimately closing near its opening level of 18,691.20.
Meanwhile, Bank Nifty showed slightly more resilience than the Nifty throughout the day. However, it too traded within a tight range, with a low of 43,541.75 and a high of 43,773.10. The Bank Nifty closed at 43,641.05, remaining close to its previous price.
In contrast to the headline indices, the Nifty midcap and small-cap indices outperformed, gaining 0.92 percent and 0.62 percent, respectively.
Among the sectoral indices on the NSE, Nifty Pharma, Auto, and FMCG were the top performers. Nifty Pharma surged by over 1.5 percent, while Nifty Auto gained 1.15 percent. On the other hand, PSU Bank and Oil and Gas were the underperformers, experiencing minor declines.
Nifty and Bank Nifty Prediction for Tomorrow 27 June 2023
Nifty Prediction for Tomorrow
Primary trend: Flat to slightly negative
Currently, Nifty is trading in a range of 18630–18730. Probably, this range-bound trend of the Nifty will continue tomorrow as well. So, bullish traders with existing longs can keep a stop loss below today’s low of 18,646.70. For one who wants a deeper stop loss, 18600 will be ideal and final for tomorrow.
The stop loss for those who carry short positions can keep the stop loss above today’s high of 18,722.05 or above 18750.
The targets for the upside and downside will be 18770–18820 and 18640–18570, respectively, with the same stop losses mentioned above.
NIFTY Support 18622.93-18580.37-18513.63
NIFTY Resistance 18732.23-18798.97-18841.53
Bank Nifty Prediction for Tomorrow
Primary trend: Flat to slightly negative
The Bank Nifty has also traded in a range of 43500–43900 for the last few sessions. It neither breaks out nor breaks down, instead spending time within that range. One who trades on the short side should keep a stop loss above 43800 or at 43900 for a deeper stop loss.
Similarly, traders with existing long positions should also keep their stop losses below 43500 or 43400. Until and unless the Bank Nifty hits a stop loss on any side, traders can hold on to their positions.
The targets for the upside and downside will be 43800–43950 and 43500–43350, respectively. But traders must keep strict stop losses in Bank Nifty, as it’s very volatile and can swing a bit stronger than Nifty.
BANKNIFTY Support 43486.93-43350.97-43182.38
BANKNIFTY Resistance 43791.48-43960.07-44096.03
S&P 500, Dow Jones, and Nasdaq Composite
The S&P 500 (-0.19%), Dow Jones (0.071%), and Nasdaq Composite (-0.61%) face challenges stemming from concerns over monetary tightening, geopolitical uncertainties, and market retracements. Market participants will closely observe upcoming economic indicators and key events for guidance on market direction.
Last week saw setbacks for both the tech-heavy Nasdaq and the benchmark S&P 500, ending their winning streaks. The Nasdaq concluded an impressive eight-week run, its longest since March 2019, while the S&P 500’s five-week rally was its longest since November 2021. These retracements indicate a shift in investor sentiment and highlight the challenges faced by the market.
Conclusion
If the U.S. markets show uncertainty, it is likely that the Indian market will follow a similar trend on Tuesday. Until there is a clear direction from the U.S. market, the benchmarks of India will trade within a range. However, individual stocks, particularly in the broader market, may continue to see momentum. Because investors are afraid of missing out on any rally in mid and small-cap stocks.
Please note that all levels discussed above, including those for Nifty and Banknifty, are spot prices.
Chart Credit: Chartink
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