Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 21
Sensex rose 141.34 points to close at 77,478.93, while the Nifty 50 settled 51.00 points, or 0.22%, higher at 23,567.00.Also Read: Indian stock market: 10 key things that changed for market overnight - Gift Nifty, BoE policy to Accenture Q3 resultsNifty 50 formed a small negative candle on the daily chart that placed beside the long negative candle of Wednesday. “Technically, this pattern indicates a doji type candle pattern, which doesn't have any significant predictive value, as the market is presently showing a broader sideways range movement.
The near-term uptrend with range bound action continued in Nifty and we expect similar movement is likely to continue in coming sessions," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.According to Shetti, there is a possibility of minor intraday weakness resuming from near 23,750 - 23,800 levels and that could be a short-term buying opportunity. The near-term upside target to be watched is around 23,950 levels.Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 21Here’s what to expect from Nifty 50 and Bank Nifty today:Analysing the Nifty Open Interest (OI) data, on the call side, the highest OI was observed at the 24,000 and 24,200 strike prices.
On the put side, the highest OI was at the 23,000 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.Nifty 50 shifted into an upside bounce with range bound action on June 20 and closed the day higher by 51 points.“The market consolidated within a range, with the index stuck between 23,400 and 23,650. The undertone remains bullish as long as the index sustains above the 23,400 support, where aggressive put writing is visible.
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