Nifty 50, Sensex Today: What to expect from Indian Stock Market in Trade on June 20

The Indian Stock Market Benchmark Indices, Sensex and Nifty 50, Are Likely to Open on a MUUTED Note on Friday, Following Mixed Sentiment in Global Markets.

The trends on gift nifty also indicate a tepid start for the Indian Benchmark Index. The gift nifty was trading Around 24,793 level, a discount of near 10 points from the nifty futures’ Previous Close.

Global Market Cues Remained Mixed, As Asian Markets Traded Mostly Higher, While Us Stock Futures Dropped on Escalating Tensions in the Middle East Due to the Israel-Riran War.

On Thursday, the domestic equity market benchmark indices ended marginally lower, with the nifty 50 closing tad below 24,800 level.

The sensex fell 82.79 points, or 0.10%, to close at 81,361.87, while the nifty 50 settled 18.80 points, or 0.08%, lower at 24,793.25.

Here’s what to expect from nifty 50 and bank nifty today:

Nifty 50 prediction

Nifty 50 Ended 0.08% lower at 24,793.25 on June 19, Forming a small-bodied candle with a relatively narrow range.

“Nifty 50 Index Remains Trapped in a Tight Consolidation Phase, with Neither Bulls Nor Bears ASSERT DOMINANCE Highlights the Ongoing Range-Bound Momentum.

While the Higher High and Higher low formation remains intact on the larger timeframe, the current pause near the support zone is Crucial, “Said Om Mehra, Technical Research Analysties.

According to Him, A Close Below 24,700 could tilt the trend to the downside, whereas a breakout above 25,000 may reignite bullish momentum. In the Near Term, The Index is Likely to Remain Within The 24,600 to 25,000 Band, and A meaningful Directional Move is expected only after AFTER AFTER A Decisive Breakout from this range.

Dr. Praveen Dwarakanath, Vice President of Hedged.in, Highlighted that the nifty 50 formed a doji candle and continues to stay sides in the range of 24,500 and 25,200 levels.

“The options writers’ Data Showed Increased Writing at the 24,800 Level, Indicating a Range-Bound Move in the Index for the present weekly expiry. The adx di+ and the adx di- Line Continue to CRISSCROSSC Other, Suggesting No clear trend in the index. Immediate support for the index is at the 24,500 level, a drop to this Level can be an options to go long with a target of 24,800 – 25,100 level, ”called dwarakanath.

Vla Ambala, Co-Founder of Stock Market Today, Said That The Nifty 50 FORMED A Doji High Wave Pattern at the Daily Time Frame, Reflecting Browader Market Indecision Dude to Various Macro Factor.

“Nifty 50 could Gather Support Between 24,640 and 24,500 and Notice Resistance Near 24,860 and 24,950 in the Next Intraday Trading Session,” Ambala Said.

Bank nifty prediction

Bank nifty index plunged 251.30 points, or 0.45%, to end at 55,577.45 on Thursday, forming a bear candle with a small upper shadow signaling Consoling Consolidation AMID ONOOTICAL TENSINS.

“From a structural standpoint, a sustained breakout and close about 56,000 psychological marks would be essential to unlock furtain furtle Towards the 56,600-57,000 resistance zone. Live to clear this overhead supply zone could result in Continued Range-Bound Action, with Price OSCILLETING BETWEN 56,000 and 55,000, Attention to Stock-Specific Alpha Generation, “said Bajaj Broking Research.

On the flip side, a decisive break down below the 55,000 levels would negate the ongoing consolidation structure and trigger a correative move towards the critical support cluster at 54,500 – 54,000 – 54,000. This zone represents a confluence of the 50-day exponational moving average (EMA) and the key Fibonacci retracement zone of the prior impuelse leg (53,483-57,049), The Brookerage FIRM SAID.

Om mehra noted that the bank nifty index formed a red candle on the daily chart, and has struggled against the Falling Trendline Resistance.

“Bank Nifty Index Remains Within A Contracting Channel, AS Seen on the Hourly Chart. Despite Mulliple Attempts, Bulls Have Been Unable to Reclaim Higher GROND Patince with a Gradual Drift Toward the Lower End of the Channel. Highlighting the lacquet of a bulish setup. The index has slipped below the 20-day ema (placed at 55,880), which no acts as immediati resistance, “Mehra Said.

However, the broader positive trend is still intact, but the current price action hints at a critical infection point. A Decisive Breakdown Below The Channel Support Block Open The Gates Toward 55,200 – 55,000, While A Move Above 56,000 would be required to register Lost Strength. A cautious approach is advised unless a breakout Occurs on eater side of the narrowing range, he added.

Disclaimer: The views and recommendations made about individual analysts or broking companies, and not of Mint. We Advise Investors to Check With Certified Experts Before Making Any Investments Decisions.