Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 27
Sensex jumped 620.73 points to close at 78,674.25, while the Nifty 50 ended 147.50 points, or 0.62%, higher at 23,868.80.Also Read: Indian stock market: 6 key things that changed for market overnight - Gift Nifty, upbeat US dollar, yields to weak yenNifty 50 formed a long bull candle on the daily chart, which is back-to-back similar candles in three sessions.“Technically, this pattern indicates a formation of bullish ‘three advancing soldiers" type candle pattern. This formation signals upside continuation for the short term.
After moving into a range bound action in the mid part of June month, Nifty is now witnessing a decisive upside breakout of the said range movement," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. According to him, the present upside momentum could find resistance at the highs of around 24,000 - 24,100 levels (1.786% Fibonacci extension of crucial bottom/top/bottom of 2020-2022) and one may expect next round of consolidation or minor weakness to emerge from the highs.Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 27Here’s what to expect from Nifty 50 and Bank Nifty today:Regarding 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 23,700 strike price, said Mandar Bhojane, Research Analyst at Choice BrokingNifty 50 index continued its upside momentum for the third consecutive session on June 26 and closed the day higher by 147 points.“The Nifty continued to rise as the bulls maintained control, pushing the index to a new all-time high. The sentiment is likely to remain positive as long as it stays above 23,700.
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