Nifty Outlook for 1 June 2023

Nifty Outlook for 1 June 2023
Nifty Outlook for 1 June 2023

by Ruchit Jain Last Updated: Jun 01, 2023 - 11:06 am 1.8k Views
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Our markets witnessed correction ahead of the weekly expiry day following negative global cues. The index heavyweights witnessed some selling pressure while the midcaps continued their outperformance. Nifty sneaked below 18500 during the day, but recovered some of the losses to end the day above 18500 with a loss of over half a percent.

Nifty Today:

The Asian markets traded with a negative bias today which led to a selling pressure on our markets as well. However, although the indices traded with a negative bias, the broader markets continued to witness buying interest and stock specific momentum from the midcap space was on the positive side. Recently, Nifty had given a breakout above 18450 hurdle which could now act as a support on declines. The ‘Higher Top Higher Bottom’ structure is intact as the index is trading in a rising channel and hence, one should look for buying opportunities on such declines. FII’s have been buying in the cash segment and have formed long positions in the index futures segment as well. The RSI oscillator on the daily chart too is in ‘Buy Mode’ and thus, the overall data and the chart structure are bullish.

                                                                Market pullback on weak global cues; midcaps continue outperformance

Nifty Graph

 

Hence we advise traders to look for buying opportunities in this dip. The cash segment stocks are witnessing significant outperformance and thus, one should look for potential stocks from such segment which could provide decent returns in the short term. The immediate support for Nifty is placed around 18450 followed by the positional support around the 20 DEMA at 18300. The resistances are seen around 18600/18700.

 

Nifty, Bank Nifty Levels and FINNIFTY Levels:

 

Nifty Levels

Bank Nifty Levels

           FINNIFTY Levels

Support 1

18470

43850

                     19330

Support 2

18420

43600

                     19220

Resistance 1

18600

44370

                     19560

Resistance 2

18660

44600

                     19680

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About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.

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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