Nifty Outlook for 22 June 2023

Nifty Outlook for 22 June 2023

by Ruchit Jain Last Updated: Jun 22, 2023 - 10:18 am 741 Views

It was a historical day for the markets as the Sensex hit a new milestone and registered a new record high in the morning session. However, Nifty is just a few points away from this record as it has ended at record closing high. 

Nifty Today:

The indices consolidated in a range for most part of the day, but the momentum on the index was positive as the heavyweights such as HDFC twins were buzzing in the day and the Senses index hit a new milestone. However, certain midcaps witnessed some profit booking towards the end. The Nifty Midcap 100 index, which is in an overbought zone, ended with a doji candle on the daily chart. Now, to start with Nifty, the 20 DEMA support has now shifted to 18620 and in last one week, this index has taken support around 18670. Thus, the support base is shifting higher which should be used as a reference level for stoploss on trading long positions. A close below the 20 DEMA in Nifty will then result in a corrective phase but until such scenario is seen, it is better to stay with the trend. The Bank Nifty index is already going through some time-wise corrective phase and for this index, 44080 is seen as a hurdle on the intraday charts. A move above this will lead to a resumption of the uptrend while 44700 and 44300 are the immediate supports. 

                                                                      Sensex hits record high, Nifty tad away from the milestone   

Nifty Graph


Traders are advised to be stock specific and ride the trend with a trailing stoploss below the mentioned supports.


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