Nifty futures target price for July month 24740

Nifty futures (निफ्टी वायदा) target price for July month 24,740. Nifty Future under buy Zone, Buy every dips, target 24740 very very soon. According to Neel bhai, selling Nifty futures is prohibited. Buy on every dip.

The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 24,465 level, a premium of nearly 100 points from the Nifty futures’ previous close.

On Wednesday, the domestic equity benchmark indices ended at record closing highs.

The Sensex jumped 545.35 points to close at 79,986.80, while the Nifty 50 settled 162.65 points, or 0.67%, higher at 24,286.50.

Nifty 50 formed a small negative candle on the daily chart with a gap-up opening (body gap, not a western gap) at the new highs with minor lower shadow.

“Though, this market formation looks like a doji type pattern or a consolidation at new highs, but the underlying trend of the market remains positive. Presently such consolidations or minor dips are eventually resulting in an uptrend continuation pattern. Having reached near to the overhead resistance of around 24,400 levels (1.618% Fibonacci Extension), the market could shift into further consolidations/range bound movement in the short term before showing further upmove in the near term,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

He believes a decisive move above 24,400 levels could open the next upside target of 24,900 levels (1.786% Fibonacci Extension) in the coming week.

Here’s what to expect from Nifty 50 and Bank Nifty today:

1 Nifty OI Data
2 Nifty 50 Prediction

Nifty OI Data

Analysing the Nifty Open Interest (OI) data, on the call side, the highest OI was observed at the 24,500 and 24,600 strike prices. On the put side, the highest OI was at the 24,000 strike price, noted Mandar Bhojane, Research Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 continued its upside momentum with range bound action continued on July 3 and closed the day with healthy gains of 162 points.

“The bulls have regained control from the bears, pushing the index above 24,300. This shift in sentiment has once again favored long trades in the market. Moving forward, the trend might remain strong in the near term as long as it stays above 24,000,” said Rupak De, Senior Technical Analyst, LKP Securities.

On the higher end, he believes the index might move towards 24,500. However, a fall below 24,000 could lead the index into consolidation.

VLA Ambala, Co-Founder of Stock Market Today (SMT) noted that Nifty’s RSI readings reflect overbought conditions with readings of 71 on the daily, 74 on the weekly, and 79 on the monthly timeframes.

“This means that while the index is in an overbought zone, all healthy dips are being bought. Private equity and financial institutions were the best performers in the latest market session, showing strong selection. Amid these developments, I would suggest investors focus on stocks set for a breakout rather than those that are already overbought,”.