Nifty 50 to approach 23,400 by June 2024 as seasonal correction matures, says ICICI Direct (2024)

FAQs

Nifty 50 to approach 23,400 by June 2024 as seasonal correction matures, says ICICI Direct? ›

Nifty 50 is expected to rally towards 23,400 by June 2024 driven by BFSI, auto, capital goods, and metal sectors. Midcaps' correction offers attractive risk-reward opportunity for investors seeking quality stocks, as per ICICI Direct.

NIFTY Prediction

NIFTY (22,327) Nifty is currently in positive trend. If you are holding long positions then continue to hold with daily closing stoploss of 22,094 Fresh short positions can be initiated if Nifty closes below 22,094 levels.

Wondering, 'How to judge bank nifty movement?'

Monitoring changes in option prices and open interest is essential for identifying shifts in sentiment. For instance, a simultaneous rise in the Bank Nifty future price and open interest signifies bullish sentiment, hinting at potential market optimism.

Lot sizes of Nifty Financial Services or FINNIFTY has been cut from 40 to 25, and that of Nifty Midcap Select or MIDCPNIFTY has been cut from 75 to 50. The lot size of contracts of Nifty Bank or BANKNIFTY has been left unchanged at 15.

If the prices are moving upward with higher highs and higher lows, Nifty 50 will be on an uptrend. If it's moving downwards with lower highs and lower lows, Nifty 50 will experience a downtrend. If the price is constantly moving up and down, they are in a sideways trend.

In an interaction with Business Today TV, the veteran market watcher said the benchmark equity index NSE Nifty could reach the 50,000 mark by 2030-31 and 75,000 mark in the next 10 years, citing a broad-based recovery in the economy which is happening right now.

Bollinger Bands : This is among the Best Technical Indicators for Bank Nifty options analysis, used for the majority of underlying assets in India. In this indicator, two lines are plotted, each two standard deviation away from the 20-day simple moving average.

AltIndex – We found that AltIndex is the most accurate stock predictor for 2024. Unlike other providers in this space, AltIndex relies on alternative data points, such as social media sentiment and website analytics. It also uses artificial intelligence to convert its findings into risk-averse stock picks.

What is the prediction of NIFTY 50 in 2025? ›

According to experts, our one-year forward objective for the Nifty 50, which is set for March 2025, is 24,800. This represents a 10% upside against the long-term predicted returns of around 14%.

With Iceberg orders, an order to buy 10000 or 200 lots of Nifty or more can be placed at the same time. This will not only mean not having to place multiple orders in case of a large order but also help reduce impact costs.

You don't need a considerable sum of money to become an options trader. You can start small with a capital of less than Rs 2 lakhs too. However, as you start small, you need to be a careful trader so that you can cut down on the possibility of losses and enhance the return potential of your trades.

Nifty Bank, or Bank Nifty, is an index comprised of the most liquid and large capitalised Indian banking stocks. It provides investors with a benchmark that captures the capital market performance of Indian bank stocks.

The Bank Nifty is used as a benchmark for investors and mutual fund managers to gauge how banking stocks will perform in general and whether certain funds are likely to make gains. It is also used as an underlying asset for derivatives trading such as futures and options contracts.

Meanwhile, in the long term, Nifty Bank has given better returns between the two. The bank index has rallied over 42 percent in the last 3 years while Nifty IT is up 36 percent and Nifty has gained over 48 percent.

It is a widely followed and influential index, as the banking sector plays a crucial role in the Indian economy. The Nifty Bank index is used by investors, traders, and analysts to assess the health and trends of the banking sector, make investment decisions, and manage portfolios.