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NIFTY Prediction
Nifty experienced significant volatility today, ending with a nearly one percent loss. Despite starting strong on global cues, profit-taking in heavyweight stocks wiped out early gains, pushing the index into negative territory. This sharp drop nullified gains from the past four sessions. We suggest caution and hedged positions if the Nifty drops below 22,400. Itβs important to watch the US markets closely for guidance. Resistance is at 22,800-22,900, and support is at 22,500-22,300.
BANK NIFTY Prediction
Bank Nifty exhibited a reversal at the upper boundary of the ascending channel, indicated by the presence of a Shooting Star candlestick pattern, hinting at a potential correction. Meanwhile, the Auto and Metal sectors are adhering to anticipated trajectories, reinforcing our bullish stance. Key support levels are identified at 48,500-48,000, while resistance levels are noted at 49,500-50,000.
CONCLUCSION
Buy on dips and enjoy the day for a while. I must say that after a month result of the election will be playing its role after June 4th.
Watch banks, financial institutions, power, automobile, IT, logistics, travelling, all surface of transportation, and many more segments like textiles, leather, paper, fertilizer, oil marketing companies, fashion, and many more may remain active.
Nifty may try of 22550 or so. Buy on dips for a while (media reports may support the market). Brokers may also play key role during the coming period. Because Jupiter will be combust from day after tomorrow early morning. Crude oil may remain around 80-85 USD.
IndianΒ Currency
Indian Rupee may trade in between 82.80 to 83.60 per USD.
Stock Prediction
STOCK | Good Above | Weak Below |
CIPLA
Β
|
1432 | 1410 |
CONCOR | 1065 | 1054 |
GODREJCP
Β
|
1260
Β
|
1242 |
HINDALCO
Β
|
650
Β
|
643 |
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