Weekly Nifty outlook for week starting Jul 1 by Choice Broking
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Nifty
Indian benchmark indices ended lower in a volatile session on June 28. At close, the Sensex was down 210.45 points or 0.27 percent at 79,032.73, and the Nifty was down 33.90 points or 0.14 percent at 24,010.60.
On the daily chart, Nifty formed a shooting star at an all-time high, indicating profit booking from higher levels. If the index closes above the 24,200 level, it could potentially rise to 24,400 and 24,500. Conversely, if the index closes below the 23,800 level, it could see a correction down to 23,600 and 23,400, which would act as buy-on-dips levels.
The Relative Strength Index (RSI) stands at 68, indicating a strong uptrend. An analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 23,500 level, implying potential support at this level. On the call side, significant OI concentrations are observed at the 24,400 and 24,500 levels, nearing all-time highs.
On the sectoral front, healthcare, metal, PSU Bank, oil & gas, and realty indices were up 0.5-1 percent, while the bank index was down 1 percent and the capital goods index shed 0.4 percent. The BSE midcap and smallcap indices each added 0.5 percent.
Traders and investors are encouraged to consider buying opportunities during Nifty dips and implement a suitable stop-loss strategy below the mentioned support levels.
For Detailed Report With Disclaimer Visit. https://choicebroking.in/disclaimer
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