Nifty Outlook for 7 June 2023

Nifty Outlook for 7 June 2023
Nifty Outlook for 7 June 2023

by Ruchit Jain Last Updated: Jun 07, 2023 - 08:41 pm 872 Views

Nifty started the day around 18600, but it witnessed selling pressure as the IT stocks corrected sharply and thus the benchmark index traded under pressure. However, the index recovered the losses from the lows towards the end and closed around the opening levels with a negligible loss.

Nifty Today:

Since more than a week, the Nifty and Bank Nifty indices are trading within a narrow range and have been consolidating within 18450-18660 range. The index has been trading in a rising channel and the lower end of the channel as well as the previous swing high breakout is placed around 18450. Thus, this now becomes a crucial support level and till this is intact the short term trend remains sideways to positive. In Bank Nifty index, the 20 DEMA has acted as a support in last couple of months which is now placed around 43700 and thus it remains a crucial support for the banking index.

                                                                        Nifty witnessed rangebound move as IT space seen under pressure

Nifty Graph


Till the above mentioned levels are intact in Nifty and Bank Nifty, traders should continue to trade with a positive bias. A breakout beyond the above mentioned range will lead to the next directional move.


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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