Market Outlook for 13 June 2024

Ruchit Jain Ruchit Jain

Last Updated: 13th June 2024 - 10:12 am

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Nifty registered a new record high of 23441 in Wednesday’s session, but gave up most of the intraday gains towards the end, and closed around 23300 with marginal gains over previous session’s close.

Nifty continued its positive momentum and marked a new high over 23400 mark, while the broader markets too kept the up move intact as buying interest was seen in stocks. The RSI has given a negative crossover in the end on the hourly charts of Nifty indicating possibility of some pullback move or consolidation in next few sessions.

However, the broader uptrend remains intact and hence, any such dip or consolidation would be an opportunity to buy. The immediate supports for Nifty are placed around 23150 and 22950 which are support on the lower time frame charts, while positional support is seen around the 40 DEMA at 22800. The stock specific action remains robust and hence, we advise traders to focus on stock specific moves from a trading perspective with a buy on dip approach on the index.

                               Early signs of consolidation or pullback move in Nifty



Nifty, Bank Nifty Levels and  FINNIFTY Levels:

Support 1 23200 76200 49370 22000
Support 2 23100 75890 49050 21850
Resistance 1 23400 76920 50120 22330
Resistance 2 23490 77250 50440 22470

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Disclaimer: Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

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