Nifty Outlook for 30 May 2023

Nifty Outlook for 30 May 2023
Nifty Outlook for 30 May 2023

by Ruchit Jain Last Updated: May 30, 2023 - 12:14 pm 1.7k Views
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Nifty started the day on a positive note amidst positive news over the weekend on the US debt ceiling deal. However, post the gap up opening the index consolidated within a narrow range throughout the day and ended around 18600 with gains of over half a percent.

Nifty Today:

Market participants seemed to be relieved as the uncertainty over the US debt ceiling deal was over in the weekend. However, our markets had already given a breakout above the 18450 resistance on Friday and confirmed a resumption of the uptrend. The Bank Nifty index importantly witnessed a positive momentum post the recent consolidation and it registered a milestone of new record high. FIIs have rolled over more of long positions in the index futures segment to May series and they added more longs leading their long positions to over 61 percent. This indicates a positive bias from the stronger hands and since both the Nifty as well as the Bank Nifty index have kept their respective 20 DEMA supports intact, the overall trend remains positive. The Midcap index too is trading at its all-time high indicating buying interest in the broader markets. Hence, traders are advised to continue to trade with the trend and look for buying opportunities from a short term perspective.

                                                                Bank Nifty hits new record high; resumes uptrend

Nifty Graph

 

The immediate support for Nifty is now placed in the range of 18500-18420 while resistance is seen around 18700/18800. 

 

Nifty, Bank Nifty Levels and FINNIFTY Levels:

 

Nifty Levels

Bank Nifty Levels

           FINNIFTY Levels

Support 1

18550

44170

                     19470

Support 2

18500

44000

                     19400

Resistance 1

18670

44470

                     19600

Resistance 2

18700

44620

                     19680

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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.

Disclaimer

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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