Market Outlook for 14 June 2024

Ruchit Jain Ruchit Jain

Last Updated: 14th June 2024 - 10:28 am

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Nifty started the weekly expiry day on a positive note just below the resistance of 23500. However, it was unable to surpass this hurdle and it consolidated within a range throughout the day to end around 23400.

Nifty consolidated in a range as it traded around the resistance of 23500 and the lower time frame reading hinted at a time wise correction. However, the stock specific momentum was robust as the market breadth was positive and the midcap index outperformed to mark new record high. The broader trend for the Nifty remains positive, but it just seems possibility of a timewise correction (consolidation) to relieve the overbought set ups on the lower time frame charts.

The immediate supports are placed around 23200 and 23000 and any dips towards the support should be seen as a buying opportunity. On the higher side, the call writers position at 23500 strike makes it an immediate hurdle, which if surpassed then we could see a continuation of the trent towards 23900-24000 in the short term.

Traders are advised to trade with a positive bias and look for stock specific trading opportunities on the long side.

                               Stock specific buying interest leading to outperformance in broader markets

nifty-chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 23280 76500 49550 22200
Support 2 23200 76200 49320 22140
Resistance 1 23500 77300 50330 22430
Resistance 2 23600 77500 50480 22470

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