Nifty Outlook for 2 June 2023

Nifty Outlook for 2 June 2023
Nifty Outlook for 2 June 2023

by Ruchit Jain Last Updated: Jun 01, 2023 - 04:38 pm 865 Views

The benchmark indices consolidated within a range on the weekly expiry day, but witnessed some selling pressure towards the end and closed below 18500 with a marginal loss of about a quarter of a percent. The Bank Nifty index traded with a negative bias throughout the day and underperformed to end with a loss of over 300 points.

Nifty Today:

Although we had a positive opening for the week, the indices have not shown a follow up buying and have consolidated within a range in last few days. However, the broader markets have continued the momentum and the Nifty midcap index has continued its corrective move. Now, although this indicates that the broader trend is positive, the momentum readings on the Midcap index have reached the overbought zone. The RSI Smoothed oscillator on the daily chart on Bank Nifty index has also given a negative crossover and prices are trading around its 20 DEMA which has not yet been breached in last couple of months. A break below this average support in Bank Nifty at 43680 will indicate possibility of a short term correction within an uptrend and hence, traders should keep a close watch on the given level. In Wednesday’s session, FIIs unwound some long positions in the index futures segment which is also a sign of some profit booking. The immediate resistances for Nifty are seen around 18580 and 18630 and a move above these resistance will hint at a continuation of the uptrend. However, any profit booking hereon could lead to a pullback again towards the 20 DEMA support which is now placed around 18320.

                                                               Signs of Profit Booking as Midcap Index enters Overbought Zone

Nifty Graph


Traders are advised to trade with a stock specific approach and look for booking profits too. 


Nifty, Bank Nifty Levels and FINNIFTY Levels:


Nifty Levels

Bank Nifty Levels

           FINNIFTY Levels

Support 1




Support 2




Resistance 1




Resistance 2




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
Market Outlook for 28 September 2023

Our markets witnessed higher volatility ahead of the expiry day as the Nifty breached the support of 19600 in the first hour of trade. However, the index recovered smartly from the low of 19550 and ended the day above 19700 with gains of a quarter of a percent.

  • Sep 27, 2023
The Superstar Portfolio: A Look into LIC's Investment Strategy

What is LIC? Life Insurance Corporation of India (LIC), often hailed as the country's biggest Domestic Institutional Investor (DII), is a financial juggernaut that manages equity assets worth a staggering Rs. 11.16 lakh crore. LIC is not just an insurance giant; it's a financial powerhouse that plays a significant role in shaping India's investment landscape.

  • Sep 27, 2023
UTI Nifty 50 ETF Face Value Split: What It Means for You?

Exchange-Traded Funds (ETFs) have gained immense popularity in recent years as an investment vehicle. They offer investors exposure to a diversified portfolio of assets, much like mutual funds, but with the added advantage of being traded on stock exchanges throughout the trading day. 

  • Sep 26, 2023