Nifty Outlook for 13 July 2023

Nifty Outlook for 13 July 2023
Nifty Outlook for 13 July 2023

by Ruchit Jain Last Updated: Jul 13, 2023 - 10:36 am 675 Views

Nifty continued to consolidate in a range and witnessed some cool-off again from 19500-19530 range. The index has been resisting around this level since last few sessions while the Bank Nifty index has seen some pullback move. The Nifty index ended the tad below 19400 while the Bank Nifty has approached its 20 DEMA support again.

Nifty Today:

The indices have been going through some consolidation since last few sessions which seems to be time-wise correction within an uptrend. The index has traded within the range of 19300-19530 and a breakout beyond this range would then lead to a directional move. Although the Banking index has seen some pullback move, some or other sector or index heavyweight has kept the index intact above its support. Hence, trader should look to trade with a positive bias as the broader trend remains intact. Above 19530, the Nifty index could continue its uptrend and rally towards 19700 while if it breaks 19300, then a pullback move towards 19100 could be seen. The Bank Nifty index has ended around its 20 DEMA support at 44500. Post the merger of HDFC and HDFC Bank, the bank could command the momentum in the banking index due to its high weightage.

      Nifty consolidating in 19300-19530 range, breakout to lead directional move

Nifty Outlook - 12 July 2023

The Nifty Midcap index is trading in overbought zone but there are no signs of reversal yet. In a strong uptrend, the momentum usually continues overbought zone and hence, one should look for stock specific buying opportunities in the midcap space. The IT heavyweights too have been in a consolidation phase since few months, the near term momentum would much depend on the results that companies would declare. 

Nifty, Bank Nifty Levels and FINNIFTY Levels:


Nifty Levels

Bank Nifty Levels

           FINNIFTY Levels

Support 1




Support 2




Resistance 1




Resistance 2




Frequently Asked Questions

How do you rate this blog?


Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

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.


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.
Open Free Demat Account
Resend OTP
Please Enter OTP
Account belongs to

By proceeding, you agree to the T&C.

Latest Blogs
How to check the allotment status of SignatureGlobal India IPO

SignatureGlobal India Ltd IPO gets a modest to healthy response

  • Sep 22, 2023
How to check the allotment status of Sai Silks Kalamandir IPO

The ₹1,201 crore IPO of Sai Silks (Kalamandir) Ltd consisted of a fresh issue of ₹600 crore and an offer for sale (OFS) of ₹601 crore.

  • Sep 22, 2023
Weekly Outlook on Copper- 25-Sep-2023

Copper witnessed a significant decline of -1.3%, trading at 715, primarily due to the strengthening dollar and increasing metal inventories. LME inventories surged to their highest level since May 2022, reaching 162,900 tons.  Copper price slips lower amid higher dollar and inventory concerns

  • Sep 22, 2023