Nifty Outlook for 18 July 2023

Nifty Outlook for 18 July

by Ruchit Jain Last Updated: Jul 18, 2023 - 10:42 am 558 Views
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The Nifty index started the week on a positive note above 19600 mark and witnessed a positive momentum throughout the day. The IT stocks continued their upmove at the start of the day, and then later on the banking stocks witnessed sharp surge to lead the indices higher. The Nifty index ended the day at its highest close above 19700 while the Bank Nifty index ended above 45500 with gains of over one and a half percent.

Nifty Today:

The market continues to rally and make new records as some or other sector continues to witness buying interest. If we look at past couple of weeks, the banking index saw a pullback of about 1000 points from the highs, but the momentum shifted to heavyweight Reliance Industries followed by IT and metal stocks which kept the trend intact. The Bank Nifty index took support around its 20 DEMA and resumed its uptrend in the later half in Monday’s session with both Private and PSU banks rallying higher after HDFC Bank’s results. The derivatives data too remains positive from the start of the series itself as the FII’s have been buying index futures and the open interest in put options are shifting to higher strikes indicating shift of support base. Thus, traders should continue to ride this trend and look for buying opportunities and avoid going contra to the trend. Nifty is trading in an uncharted territory and reciprocal retracement theory points out a possible target around 20150 which we have been mentioning about since some time. 

      Banking stocks resumes uptrend to lift the benchmark higher

Nifty Outlook - 17 July 2023

We expect the index to continue its upmove in that direction and the immediate support for the index has now shifted to 19500.  

Nifty, Bank Nifty Levels and FINNIFTY Levels:


Nifty Levels

Bank Nifty Levels

           FINNIFTY Levels

Support 1




Support 2




Resistance 1




Resistance 2




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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.


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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