Nifty Prediction for tomorrow 24th June 2021

Nifty Prediction for tomorrow 24th June 2021 Nifty trend is sideways now. Unless 15920- 15440 spot is taken out with momentum expect range-bound movement.

Nifty has been just moving in this range for the past few weeks. Unless we see a good momentum breakout on either side there is no point in trading in these instruments for the time being. Especially option buyers will see severe time decay hence option buying must be avoided. 

The nifty chart given below explains the range

Nifty Prediction for tomorrow
Nifty Prediction for tomorrow

Jupiter went retrograde on 20th June, Mercury went direct on 20th June, 24th Is the full moon and Neptune will go retrograde on 25th June. Now, when so many changes are happening in a short span of time do expect changes in the way markets are moving. 

Historically we have seen irrational exuberance or mass hysteria taking place in the next few days after multiple planets changing directions in a few days. So this time markets are sideways prior to the event. If we do see momentum breakout then expect some fireworks.  If we do see a breakdown do expect a sudden flash crash. Either side fast moves should come in over the next week or so.

Bank Nifty Prediction for tomorrow

Bank Nifty has been drifting lower and has not been able to sustain higher. Even this is not stuck in a range however with a negative bias. Banks have been underperforming the Nifty so it will be important to see if this continues. Break below 33900 spot levels will take Bank Nifty towards a target of 30000 very qucikly.

As usual, if you are only trading on the basis of this post please use your own risk management and then only trade. Please do not over-trade and always keep your risk in check. 

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Regards,

Glen Drago

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