Nifty Outlook for 6 June 2023

Nifty Outlook for 6 June 2023
Nifty Outlook for 6 June 2023

by Sachin Gupta Last Updated: Jun 28, 2023 - 03:53 pm 989 Views

After a gap-up opening, the nifty index traded higher throughout the day and settled at 18593.85 levels with a 60 points gain. While, Banknifty inched up by 0.37%, and closed at 44101.65. On the sector front, Nifty Auto & Media has contributed more than 1% gains, followed by the Metal and Commodities indices. While PSUBANK, FMCG & IT dragged slightly for the day. However, stock specific action has been witnessed in Midcaps & Small cap stocks.

Nifty Today:

Overall, the nifty index has been trading in Higher Highs & Higher Lows formation with a positive bias since long and hovering above 20-DEMA, which indicates continued support for the recent trend. In the prior week, nifty had slipped from a weekly high and taken support at rising Trendline on the daily chart.

On the derivatives front, we observed that there was a tough fight between bull and bear at 18600 levels as both were trying to dominate over each other. While the highest Call option OI was seen at 18700 strike price and on the put side, the highest OI was at 18500 strike price.

                                                                                Nifty holds gain, support by positive global cues

Nifty Graph


Momentum indicator RSI is at 65 levels with a positive crossover on the daily timeframe. Moreover, another indicator, the Bollinger Band, is also supporting the bullish trend on the chart.

Hence, we are expecting a sideways to bullish move in the index until it breaks the import support of 18450 levels. Once it remains below it, one should expect some correction in the index for the near term.


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

Mr. Sachin Gupta is a Senior Research Analyst at 5paisa, based in Mumbai. He has over 10 years of experience in Equity, Commodity research and strategies. 


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
India's Inclusion in JP Morgan Global Bond Index

In a significant development for India's financial landscape, JP Morgan Chase & Co. recently announced its decision to include Indian government bonds in its emerging markets bond index, starting from June 2024. This momentous move holds the promise of attracting substantial foreign investments, potentially injecting up to $25 billion into India's domestic government securities market.

  • Sep 25, 2023
From Loss to Profit - Mitshi India Ltd

Why to go for Loss to Profit Business? Potential for Rapid Growth: Companies that have turned around from losses to profits often have room for rapid growth. As they fine-tune their operations and strategies, they may experience significant increases in revenue and profitability. Undervaluation: Market sentiment may lag behind a company's actual performance.

  • Sep 25, 2023