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Market Outlook: Predictions for Indian Stock Market Performance on June 27

Photo Credit: livemint

Indian stock market benchmarks, Sensex and Nifty 50, are expected to open lower on Thursday, influenced by subdued Asian market trends. Gift Nifty suggests a negative start around the 23,800 mark, reflecting a 70-point discount from the previous close of Nifty futures. On Wednesday, both indices achieved record closing highs, with Nifty 50 surpassing 23,850 for the first time ever.

Nifty 50 recently formed a bullish ‘three advancing soldiers’ candle pattern on its daily chart, signaling potential upside continuation in the short term. According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the current momentum may face resistance around the 24,000 – 24,100 levels, followed by a possible consolidation phase.

The index sustained its upward momentum on June 26, closing 147 points higher. Rupak De, Senior Technical Analyst at LKP Securities, noted that as long as Nifty stays above 23,700, the sentiment is likely to remain positive. A decisive breakthrough above 24,000 could propel the index towards 24,200.

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