18th June 2024 | Increasing probability of a breakout in the upcoming Week

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NIFTY Prediction

Nifty continued its consolidation streak for the fifth consecutive day, closing approximately 67 points higher. Analysis of the daily charts shows that the Nifty has been consolidating within a wide range of 23,200 to 23,500. Extended consolidation around this range suggests an increasing probability of a breakout in the upcoming week. With five days already passed, market analysts anticipate a potential shift towards a trending movement. Resistance is anticipated between 23,500 to 24,000, while support is expected between 23,400 to 23,000.

BANK NIFTY Prediction

BankNifty remained in a consolidation phase and struggled to surpass the 50,000 mark. To signal a bullish breakout towards the 51,000-51,500 range, the index must convincingly breach the 50,200 level. Support at the lower end is identified around 49,500 to 49,000, and a breach below this range could potentially lead to further declines towards 49,000.

Breakout Stock for Trading (Future, Option & Swing Trading) with Last Day Breakout

Sr.	Stock Name	Symbol	Links	% Chg	Price	Volume
1	Abb India Limited	ABB	P&F | F.A	6.79%	9020	1,242,412
2	Siemens Limited	SIEMENS	P&F | F.A	5.32%	7790.2	1,315,733
3	Bharat Forge Limited	BHARATFORG	P&F | F.A	4.91%	1717.3	3,052,519
4	Trent Limited	TRENT	P&F | F.A	4.41%	5245.55	1,424,125
5	The Indian Hotels Company Limited	INDHOTEL	P&F | F.A	4.17%	613.85	9,597,845

 

 

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