Nifty and Bank Nifty Prediction for Tomorrow 28 June 2023

Nifty and Bank Nifty Prediction for Tomorrow 28 June 2023: The Nifty(18,817.40) and Bank Nifty(44,121.50) had a strong trading session on Tuesday. Both the indices closed near their highest point, crossing the 18,800 level in Nifty and 44100 in Bank Nifty. This was mainly due to the positive news about the HDFC-HDFC Bank merger.

Moreover, LTIMindtree saw also a 3% increase as investors anticipated its possible inclusion in the well-regarded Nifty 50 index after the merger of HDFC twins.

Market Performance

The Nifty started the day with a modestly positive start and then consolidated before gaining momentum later on. It showed strength and continued to rise, ending with a gain of over 100 points near its highest point.

A major reason for this upward movement was the impressive performance of Banknifty, especially HDFC Bank, ICICI Bank, and Axis Bank, which pushed the Bank Nifty comfortably above 44,000.

Nifty and Bank Nifty Prediction for Tomorrow 28 June 2023

Nifty Prediction For Tomorrow 28 June 2023

Primary trend/outlook: Bullish

Nifty finally closed above 18800 after three days of fall and consolidations. The daily and hourly charts of Nifty seem to be bullish after today’s closing. Both charts indicate a bullish overview for tomorrow’s trading session. The perfect strategy will be to buy on dips or ride on the rally above 18800.

For existing long positions, the stop loss will be below 18760. For one who carries short the stop loss will be above 18870.

As long as Nifty trades above 18770-18790 the view will be bullish so any dip toward this range will be a good opportunity to add fresh longs tomorrow.

Trading below 18770 will be bearish for tomorrow, then fresh shorts can be deployed as per the market sentiments.

The upside and downside targets of Nifty for tomorrow will be 18860-18930 and 18760-18700, respectively.

Nifty Support and Resistance

NIFTY Support 18744.67-18671.93-18629.67

NIFTY Resistance 18859.67-18901.93-18974.67

Bank Nifty Prediction For Tomorrow 28 June 2023

Primary trend/outlook: Bullish

The chart structure of Bank Nifty on daily and hourly are both looking bullish as of right now. Though the setup of Nifty and Bank Nifty are similar to each other, the Bank Nifty is looking more exciting in terms of momentum and price actions.

Bulls can keep stop loss below 43900 which is looking perfect for tomorrow. But bears with existing short positions must keep stop loss above 44300 or at 44350.

If Bank Nifty trades and sustains above 44000, bulls can enjoy the up move, and the overall sentiment will be bullish. But below 44000 the outlook will be slightly bearish though as long as it sustains above 43900, the overall setup will be only bullish.

Fresh shorts in Bank Nifty can be initiated only when it breaks 43900 so decisively. Otherwise, tomorrow’s mantra will be to add fresh longs on any dip toward 44000-43900.

The upside and downside targets for Bank Nifty will be 44350-44500 and 43900-43500, respectively.

Bank Nifty Support and Resistance

Bank Nifty Support 43811.53, 43501.57, 43310.03

Bank Nifty Resistance 44313.03, 44504.57, 44814.53

Conclusion

The stock market had a good day of trading today, with both the Nifty and Bank Nifty closing above important levels. In particular, Bank Nifty’s closing above 44,100 was significant because it had been struggling for the past 9 days.

The main strategy for tomorrow will be to buy on the dip. But it’s important to note that the market may be volatile due to the June F&O expiry.

Experts believe that the benchmark indices may perform better than the broader market tomorrow because of the breakout we saw today.

Looking ahead, market analysts also expect the Nifty and Bank Nifty to reach new record highs, driven by the optimistic market sentiment.

Please note that all levels discussed above, including those for Nifty and Banknifty, are spot prices.

Chart Credit: Chartink

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