20th JUNE NIFTY OUTLOOK NIFTY50 CMP 24873.

20^th JUNE NIFTY OUTLOOK

NIFTY50 CMP 24873.

Nifty opened on a positive note today and didn’t break opening low price of 24783. The momentum looks on the upside considering immediate resistance of 24940. If it sustains above 24940 then next target could be 24980-25000. So, traders are advised to trade on positive side and not on the flipside.

Global market cues remained mixed, as Asian markets traded mostly higher, while US stock futures dropped on escalating tensions in the Middle East due to the Israel-Iran war.

On Thursday, the domestic equity market benchmark indices ended marginally lower, with the Nifty 50 closing tad below 24,800 level.

The Sensex fell 82.79 points yesterday to close at 81,361.87, while the Nifty 50 settled 18.80 points, or 0.08%, lower at 24,793.25.

The options writers’ data showed increased writing at the 24,800 level, indicating a range-bound move in the index for the present weekly expiry. The ADX DI+ and the ADX DI- line continue to crisscross each other, suggesting no clear trend in the index. The index has closed two days in a row below its 20-day moving average and it was also rejected on any small bounce, suggesting weakness in the index. The immediate support for the index is at the 24,500 level, a drop to this level can be an opportunity to go long with a target of 24,800 - 25,100 level.