Nifty Outlook for 31 May 2023

Nifty Outlook for 31 May 2023
Nifty Outlook for 31 May 2023

by Ruchit Jain Last Updated: May 31, 2023 - 10:36 am 890 Views

Post a positive opening at the start of the week; the index witnessed some consolidation in a range in last couple of trading sessions. Nifty ended Tuesday’s session above 18600 with marginal gains.

Nifty Today:

Nifty has been trading in a rising channel and has been forming a ‘Higher Top Higher Bottom’ structure. Recently, the index witnessed some consolidation which was just a time-wise correction and the ’20 DEMA’ has acted as a support in corrective phases in last couple of months. Thus, the broader trend for the market remains positive and traders should continue to trade in the direction of the trend. The FII’s have been buying equities in the cash segment and have formed long positions in the index futures segment as well with ‘Long Short Ratio’ over 60 percent. On the lower time frame charts, the immediate supports for Nifty are placed around 18560 and 18480 while the positional support (20 DEMA) has now shifted higher to 18280. On the higher side, the immediate resistances are seen around 18700 followed by 18800.

                                                                Support base shifts higher; trend remains positive

Nifty Graph


The broader markets are continuing with the uptrend as the Nifty Midcap 100 index is trading at its all-time levels. Hence, traders are advised to trade with a positive bias and look for buying opportunities on any declines.


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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