The trends on gift nifty also indicate a positive start for the Indian Benchmark Index. The gift nifty was trading Around 25,716 Level, A Premium of Nearly 101 Points from the Nifty Futures’ Previous Close.
On Thursday, the domestic equity market indues extended gains for the third straight session, with the nifty 50 closing Above 25,500.
The sensex jumped 1,000.36 points, or 1.21%, to close at 83,755.87, while the nifty 50 settled 304.25 points, or 1.21%, higher at 25,549.00.
Here’s what to expect from nifty 50 and bank nifty today:
Nifty 50 prediction
Nifty 50 witnessed an excellent breakout on June 26 and close the day higher by 304 points.
“A long bull candle was formed on the daily chart which indicates a decisive break out of the last couple of months high low range of 24,500 – 25,200 levels and Closed Higher. after the consolidation bands more often trigger strong upside momentum in the underlying’s. Analyst at HDFC Securities.
According to Him, The Underling Trend of Nifty 50 Remains Positive, Having Almost Reached The UPSIDE TARGET of 25,600 Levels on Thursday, NIFTY 50 COLD NOW Advance Towards the Next Upper 25,800 – 26,000 Mark by Next Week. Immediate support is placed at 25,400 levels.
Om Mehra, Technical Research Analyst, Samco Securities, said that the nifty 50 index formed a strong bullish candle, validating a breakout above the rain from Recenting from Recented.
“Notably, nifty 50 closed firmly Above 50-day Sma Showing Strength High and low, underlining the dominance of the bulls. The Daily RSI is Placed Above The 65 Level, with a Positive Crossover in Macd, Indicating Streng Internal Strength, “Mehra Said.
With a short-term rally of over 1,000 points (Approx. 4.40%) in the last 10 Sessions, the support base has shifted Higher to 25,300, which aligns with the trendline zone. The IMMMIDIATE Resistance is Seen at 25,700, Followed By 25,850. On the hourly chart, the vwap offers steady intraday support, highlighting sustained accumulated accumulation during DUPS, He Added.
Vla Ambala, co-founder of stock market today highlighted that the nifty 50 formed a bulish marubozu candlestick pattern, which indicates strong buying Momentum.
“Market Saw Significant Short-Covering Moves, Leading to a Breakout Above 25,500 with Substantiial Trading Volumes. Based on this, we can expect nifty 50 to reach news news news with all the rights with 6. Considering these aspects, we expect nifty 50 to gather support between 25,470 and 25,300 and Meet Resistance Near 25,650 and 25,765, ”Ambala Said.
Bank nifty prediction
Bank nifty index surgged 585.55 points, or 1.03%, to end the session at 57,206.70, forming a strong bully on the daily chart, strengthening a breakout from the Recent Consolidation NEAR the 56,500 Zone.
“Bank nifty formed a sizable bull candle with a higher high and higher low signaling strength and continuation of the up move. The structure in the structure in the index remains firmly Bully Bully Bully Bully Bully 20-Day EMA Since April-a Key Indicator of Persistent Upward Momentum. And 58,500 Mark Over the Coming Weeks.
The daily 14 period rsi remains in an uptrend, further validating the bullish structure. On the downside, key support base has been recalibrated to the 55,500-56,000 region, which marks a confluence of technical factories-Namely, the 20-DAY EMA and the Recent Swing Lows of the Recent Washing Lows of the Ring Brokerage firm added.
Om mehra said that the bank nifty index continues to trade comfortable all key moving average, including 50-day smas.
“On the Fibonacci Extension, Bank Nifty has decisively crossed the 100% Projection at 57,049, with the next potential targets now placed at 57,566 (1.272 Level) and 58,223 (1.618,223 (1.618,2723 Extension) Crossover, with a Rising Histogram, Strengthening Undering Momentum, “Mehra said.
On the Intraday Scale, Bank Nifty is Finding Steady Support Near VWAP, and Dips are Being Bought INTO. The Previous Resistance Zone Between 56,300 and 56,700 now turns into a reliable support zone. Unless the Index Breaks below this, the short-term outlook remains decisively positive, 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.
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