NIFTY PREDICTION & FREE NIFTY TIPS FOR 20 JUNE 2017

Market began the week on an extremely strong note, driven by a rally in banks. The Bank Nifty ended over a 1% higher, while the Nifty closed above 9650-mark. The Sensex closed up 255 points at 31311, while the Nifty ended higher by 69 points at 9657. The Nifty Bank index crossed 23800 mark for the first time today & touched its all-time high of 23806 level after the central bank asked banks to start bankruptcy process against 12 large loan defaulters, raising hopes that reduction of bad debt will start to quicken. Private sector lenders HDFC Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank and Federal Bank hit their fresh 52-week high during the trade.

Primary resistance would now be at 9670-9695 zone. If the uptrend persists, short-term targets will be in the 9735 zone. Obviously every trend following system would recommend staying long. In technical terms, all trends (short/ medium-term and long-term) seem strongly bullish despite the probability of a further short-term correction on profit-booking. On the downside, a decisive fall below key support at 9600 is needed to alter the bullish momentum and drag the contract down to 9580 and then to 9550 levels.

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Resistance: 9675, 9700, 9725

Support: 9600, 9575, 9550