Last Updated:
Nifty Prediction For Monday: Market experts believe Nifty has regained short-term strength after reclaiming the crucial 23,500 level and closing above its 20-day moving average.
Nifty Prediction For Monday, June 15.
Nifty Prediction For Monday, June 15: Indian stock markets are expected to remain driven by global cues, crude oil prices, foreign institutional investor (FII) activity and the upcoming US Federal Reserve policy decision when trading resumes on June 15.
After snapping a two-week losing streak, the Nifty 50 ended this week with gains of 1.1%, closing at 23,622.90. The rally was supported by optimism over a potential US-Iran diplomatic breakthrough, easing concerns over energy supply disruptions and improving overall risk sentiment across global markets.
Market experts believe the benchmark index has regained short-term strength after reclaiming the crucial 23,500 level and closing above its 20-day moving average.
What Drove the Market Rally?
Investor sentiment improved after reports suggested progress in negotiations between the United States and Iran, raising hopes of lower geopolitical tensions in the Middle East and reduced pressure on crude oil prices.
Domestic sentiment also received support from the Reserve Bank of India’s latest measures to attract foreign currency inflows. The RBI introduced forex swap facilities for eligible external commercial borrowings (ECBs) and fresh FCNR(B) deposits, which are expected to strengthen liquidity conditions and support the rupee.
Banking and financial stocks emerged as key beneficiaries of these measures, helping benchmark indices outperform broader markets.
Nifty Technical Outlook: 23,800 Remains Key Hurdle
Ajit Mishra, senior vice-president (research) of Religare Broking, said the Nifty has moved above its immediate resistance near the 20-day exponential moving average (DEMA) around 23,500, indicating renewed buying interest.
He believes immediate support is placed in the 23,000-23,100 zone, while 22,800 remains a stronger support level. On the upside, the upper band of the declining channel near 23,800 will be the first major hurdle. A decisive breakout above this level could open the door for a move towards 24,200 and eventually 24,600.
Pravesh Gour, senior technical analyst at Swastika Investmart, also sees 23,800 as a crucial resistance level. According to him, Nifty has established a strong base around 23,070 and delivered a convincing close above its 20-day moving average.
He expects immediate resistance at 23,725 and 23,800. If the index sustains above 23,800, the next upside targets could be 24,000 and 24,200. On the downside, support is seen at 23,250 and 23,150.
Bank Nifty Continues to Lead
Banking stocks remain the strongest pocket of the market. Bank Nifty gained more than 4% during the week and has reclaimed its key long-term averages, including the 100-DEMA and 200-DEMA.
Mishra expects the index to move towards 57,500, while a breakout above this level could trigger an extended rally towards 59,000.
Gour believes Bank Nifty is well-positioned to challenge the 57,000-57,450 resistance zone. A successful breakout could push the index towards 57,500, while support is placed at 56,000 and 55,555.
Key Triggers for Markets Next Week
Investors will closely monitor several important domestic and global events during the week. The biggest event will be the US Federal Reserve’s policy meeting scheduled for June 16-17. While the Fed is widely expected to keep interest rates unchanged, markets will closely track its commentary on inflation, growth and the future path of rate cuts.
Apart from the Fed decision, traders will watch developments related to the US-Iran negotiations, movements in crude oil prices, the progress of the monsoon season, India’s wholesale inflation data, trade figures and foreign exchange reserves.
FII activity will also remain crucial after persistent foreign selling in recent weeks.
Nifty Prediction for June 15
The near-term trend for Nifty remains positive as long as the index holds above the 23,250-23,100 support zone. However, analysts believe the 23,800 level remains the key hurdle that bulls must cross to extend the rally.
A sustained move above 23,800 could pave the way for a rally towards 24,000-24,200 in the coming sessions. On the downside, any deterioration in global sentiment, renewed geopolitical tensions or hawkish signals from the US Federal Reserve could trigger profit booking.
About the Author
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalis…Read More
Read More
Source link
[ad_3]
