The trading holiday of Bakri-Id has been revised to Thursday, 29th June 2023 from Wednesday, 28th June 2023. All Nifty Bank, Nifty 50 F&O contracts will expire today Wednesday 28 June 2023.
Due to the holiday of Bakri-Id the Nifty Bank, and Nifty 50 F&O contracts will expire today Wednesday 28 June 2023, while this was informed yesterday through the broker platform, there was high volatility seen in the market after half session.
As today Wednesday 28 June 2023 is the expiry day, Nifty Bank and Nifty 50 have given a gap-up opening. Nifty 50 closed yesterday at 18,817 and opened today at 18,908. Nifty Bank closed yesterday at 44,121 and opened today at 44,419.
Expiry has been set today and it’s a weekly + monthly expiry hence we may see volatility in the market.
Nifty 50 Today.
The Nifty 50 has given a breakout to its 52-week high which was at 18,887.60 and now trading around 18,930. 18,900 seems to be the resistance level for today as the Nifty 50 Index price was slightly down at this level. But as we can see the Nifty 50 has crossed today’s resistance level and now it is like an open target.
As its an open target, it is important to see whether the 18,900 level can act as a support level for the Nifty 50 index. Nifty 50 index is now close to 19,000.
Nifty Bank Today.
Compare to the Nifty 50, the Nifty bank was looking to struggle to pump the price. After today’s opening, the Nifty Bank was down but looks taken support to yesterday’s close level which is the retracement phase, today’s resistance was made at around 44,295, but finally, the Nifty Bank has also given a breakout to today’s resistance level.
Nifty Bank’s 52-week high is 44,494.75 and it is now close to it, if the Nifty 50 index shows a continued rally then Nifty Bank can also give a breakout to its 52-week high level, if that happens then there will be an open target for Nifty Bank also.
It is important to note that today 28 June 2023 is Expiry day hence we may see volatility in the market, due to the expiry and the Nifty 50 Index and Nifty Bank index is around a 52-week high, selling may start at any point. For the Nifty 50 Index, the 18,900 level can act as a support level, and for Bank Nifty 44,295 can act as a support level, if these levels break then selling is possible due to all Nifty Bank, Nifty 50 F&O contracts will expire today Wednesday 28 June 2023.
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