Nifty 50 Intraday Prediction For 24th June 2024, Monday :- On Friday, the Nifty index opened higher, reaching a new high of 23,667.10, but faced significant intraday volatility. After the opening bell, Nifty saw a sharp decline, touching an intraday low of 23,398. This level proved to be a strong support zone, as Nifty rebounded from it twice during the day, indicating its importance for buyers. However, if Nifty falls below this critical support level, it could signal a bearish trend in the near term.
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| Nifty 50 Intraday Prediction |
Sector-wise, only the IT sector showed positive performance, gaining +0.75%, while all other sectors traded in the red. The FMCG sector was the biggest loser with a -1.19% decline, followed closely by the Oil & Gas sector, which fell by -1.07%. Foreign Institutional Investors (FIIs) continued their bearish activity in the cash market throughout June, with net sales amounting to Rs. 2585 Cr, including a significant net sale of -1790 Cr on Friday alone. While FIIs remain bullish on Nifty index futures, their gradual reduction in long positions suggests increasing uncertainty about the market's direction. This intraday market behavior highlights the cautious sentiment among investors and the critical role of support levels in market stability.
As we step into the trading week, the Nifty 50 is exhibiting intriguing patterns that traders should closely monitor. The index closed above the major intraday support level ranging between 23,400 to 23,450, setting the stage for potential movements that could shape the market sentiment on Monday, 24th June 2024.
Also Read:- " Stock Market Update: Intraday Gains for NIFTY50 and SENSEX, June 20, 2024
Key Support and Resistance Levels to Watch for NIFTY 50
Given below are the Latest Intraday Chart analysis and lets look in detailed Analysis for Nifty 50 Prediction for 24th June 2024, Monday's market.
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| Nifty 50 Intraday Prediction For 24th June 2024, Monday |
Scenario 1: Bearish Opening
If the Nifty opens below the 23,400 mark or breaches this critical support level, traders should brace for a possible downtrend. In this scenario, the index could test lower targets, with 23,300 and 23,200 being the next significant support levels. This bearish outlook indicates a continuation of selling pressure, potentially leading to more pronounced market corrections. Intraday traders should remain cautious and consider implementing protective strategies to mitigate risks.
Scenario 2: Bullish Opening
Conversely, if the Nifty opens above the 23,450 level, this threshold will act as a strong intraday support. Such an opening suggests a bullish sentiment, with the index likely to move gradually towards the 23,640 mark. Sustained trading above this level could further reinforce the bullish momentum. However, the Nifty 50 can be considered firmly bullish only if it surpasses the 23,680 to 23,700 range. Crossing this upper resistance band could pave the way for significant upward movements, attracting more buying interest and driving the index to new highs.
Trading Strategies for Intraday Traders
Given the outlined support and resistance levels, intraday traders should develop flexible strategies to navigate the expected market movements. Here are a few tactical approaches:
Monitoring Opening Levels: Closely watch the opening levels to determine the initial market direction. This will help in setting the right entry points for trades.
Stop-Loss Orders: Implement stop-loss orders below 23,400 if the market opens weak to protect against further downside risk.
Gradual Position Building: In case of a bullish opening, gradually build positions above 23,450, targeting the 23,640 level initially.
Critical Resistance Breakout: If the index crosses and sustains above 23,680, consider adding to long positions, aiming for potential higher targets as bullish momentum strengthens.
Conclusion
Monday's trading session on 24th June 2024 is poised to be pivotal for the Nifty 50, with critical support and resistance levels guiding the intraday trends. Whether the market leans bearish or bullish will largely depend on the opening levels and subsequent price actions. By staying vigilant and responsive to these key levels, traders can optimize their strategies and navigate the intraday market with greater confidence. Keep an eye on the 23,400 support and 23,680 resistance levels to make informed trading decisions in the dynamic landscape of the Nifty 50.
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