Nifty Outlook for 23 June 2023

Nifty Outlook for 23 June 2023
Nifty Outlook for 23 June 2023

by Ruchit Jain Last Updated: Jun 23, 2023 - 10:28 am 884 Views
Listen icon

Nifty almost tested the previous swing high seen in the month of December 2022, but it then witnessed some sell-off towards the end as some profit booking was seen in the broader markets. The index ended the day below 18800 with a loss of about half a percent.

Nifty Today:

The indices traded within a narrow range on the weekly expiry day, but profit booking was clearly seen in the broader markets as the midcap stocks which had run up sharply witnessed some correction. The momentum readings on the midcap index are highly overbought and needs to cool-off which can be seen either by some consolidation (time-wise correction) or some price-wise correction. Hence, traders need to be selective in stock picking and look for buying opportunities on declines when the overbought set ups cools-off. The important support for Nifty is placed around the 20 DEMA at 18640 and a break below the same could then lead to some corrective phase in the index. Till then, they uptrend still remains intact. On the higher side 18850-18900 is the immediate resistance range as the index is witnessing some hurdle around this previous high. A move above the same will result in a continuation of the uptrend. For much part of the session on the weekly expiry day, the Bank Nifty index witnessed some strength, however it resistance around 44000-44100 range which is a hurdle seen on the lower time frame charts. A breakout above 44100 could lead to the next leg of the upmove in the banking index post the recent consolidation.

                                                                      Profit booking seen in some mid-cap stocks   

Nifty Graph


But till it is trading below this hurdle, the trend remains sideways with immediate support around 43350.


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
ICC World Cup 2023 & the Stock to Watch

The ICC Men's Cricket World Cup 2023 is not just a sporting event; it's a cultural phenomenon, especially in cricket-crazy countries like India. The tournament, set to begin on October 5, 2023, promises intense cricket action and, interestingly, financial opportunities. One stock that stands out as a potential beneficiary of the cricketing frenzy is Zomato Limited (NSE: ZOMT).

  • Oct 04, 2023
Market Outlook for 5 October 2023

Nifty started the day with a gap down opening and corrected along with the broader market sell-off in Wednesday’s session. However, we witnessed a recovery in Nifty from the low of 19333 and it ended well above 19400 with a loss of less than half a percent.

  • Oct 04, 2023
Dolly Khanna and Rajiv Khanna: Unveiling Their Investment Journey

About Dolly Khanna and Rajiv Khanna Dolly Khanna, a well-known name in the world of investing, is often celebrated for her stock-picking prowess. However, what may surprise many is that Dolly Khanna is, in fact, a homemaker. The real driving force behind their successful investment journey is her husband, Rajiv Khanna. Rajiv Khanna, a Chennai native, holds a unique position in the investing landscape, preferring to invest under his wife's name.

  • Oct 04, 2023