Market Outlook for 28 June 2024

Ruchit Jain

Last Updated: 28th June 2024 - 10:45 am

Nifty Prediction for Tomorrow - 28th June

Our indices continued to move higher led by the index heavyweights and the Nifty index ended above the milestone of 24000 mark for the first time ever.

Since last few days, strong buying interest is seen in the large cap stocks which have kept the uptrend intact in the indices. Earlier it was the banking index which took the leadership, then the heavyweight such as Reliance and it was the IT sector which led on the expiry day.

FIIs have turned buyers since last couple of weeks and in this period the index heavyweights have rallied higher. The RSI oscillator on the daily as well as the hourly chart still remains positive and hence, traders should continue to trade in the direction of the broader trend.

The immediate support for Nifty has shifted to 23730 while positional support is seen around 23500. Traders are advised to keep a trailing stop loss method on the existing positions and trade with a positive bias until any reversal signs are seen.

New milestone for Nifty as it hits 24000 mark for the first time

nifty-chart

Bank Nifty Prediction for Tomorrow - 28th June

Bank Nifty index too registered a new record high of 53000 on Thursday, but it traded within a narrow range and ended the day marginally negative. There’s no change in the broader trend but the hourly RSI readings are hinting at a possibility of some pullback move or a consolidation within an uptrend. Hence, traders should be selective in stocks and look for buying opportunities either on dips or on some consolidations.

The support for the Bank Nifty index is placed around 52200 while resistances are seen around 53400 followed by 54000-54200 range.

Nifty, Bank Nifty Levels and FINNIFTY Levels:

	NIFTY Levels	SENSEX Levels	BANKNIFTY Levels	FINNIFTY Levels
Support 1	23870	78670	52570	23500
Support 2	23730	78100	52330	23370
Resistance 1	24150	79600	53120	23760
Resistance 2	24260	79970	53420	23900

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