Nifty prediction today–June 28, 2023: Index to rally further

Nifty 50 (18,900) and Sensex (63,675) opened the day’s session with a gap and reached a record high. The price action is bullish and both indicators are set to go higher.

Among the Asian peers, Nikkei 225 (33,060) and ASX 200 (7,190) rose 1.6 and 1 percent, respectively. On the other hand, Hang Seng (19,100) and Cosby (2,565) lost 0.2 and 0.6 percent, respectively.

Despite the mixed signals from the Asian market, the major Indian indices are bullish today.

Similar to standard benchmarks, it gained all the indicators of medium and small businesses. All sectors, with the exception of Nifty Media (down 0.2 percent), are green, indicating large-scale buying and, therefore, the high probability of further upside.

Nifty 50 futures contracts

June Nifty 50 futures opened today’s session higher at 18,850 vs. yesterday’s close of 18,811. It is now hovering around 18910.

The contract is likely to reach 19,000 today. A breach of this level could open the door to a rise to 19,100.

On the other hand, if Nifty futures fall below the current level, it could find support at 18,870 and 18,840.

Trading strategy

Buy Nifty futures now at around 18,910. Add more longs if the price drops to 18,870. Place your stop loss at 18,820.

When the contract exceeds 18950, tighten the stop loss to 18900. Book profit 19000.

Supports: 18,870 and 18,840

Resistors: 19000 and 19100