Nifty Outlook for 7 June 2023

Ruchit Jain Ruchit Jain

Last Updated: 7th June 2023 - 08:41 pm

Listen icon

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

18530 

43950 

                     19420 

Support 2

18450

43750 

                     19360

Resistance 1

18650 

44270 

                     19530

Resistance 2

18700 

44370 

                     19580 

How do you rate this article?

Characters remaining (1500)

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.

FREE Trading & Demat Account
+91
''
Resend OTP
''
''
Please Enter OTP
''
By proceeding, you agree T&C*
Mobile No. belongs to

Market Outlook Related Articles

Market Outlook for 16 July 2024

by Ruchit Jain 16th Jul 2024

Market Outlook for 15 July 2024

by Ruchit Jain 15th Jul 2024

Market Outlook for 12 July 2024

by Ruchit Jain 12th Jul 2024

Market Outlook for 11 July 2024

by Sachin Gupta 11th Jul 2024

Market Outlook for 10 July 2024

by Sachin Gupta 10th Jul 2024

Want to Use 5paisa
Trading App?