Nifty Outlook for 8 June 2023

Ruchit Jain Ruchit Jain

Last Updated: 9th June 2023 - 11:32 am

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Post consolidating in a range for the last few days, Nifty resumed its uptrend and rallied higher led by broader market participation. The index surpassed the 18700 mark and ended well above that with gains of around seven-tenths of a percent.

Nifty Today:

The Nifty index has been trading in a rising channel since last couple of months and has been forming a classical ‘Higher Top Higher Bottom’ structure which is seen in an uptrend. The recent corrections have been just time-wise corrections where the index consolidated within a narrow range for a few days and then resumed its upmove. The broader markets have been doing quite well with midcaps continuing their merry run. Now the momentum readings in the Midcap index have reached the overbought zone, and hence one should be selective in stock picking. But as the Nifty and Bank Nifty are still above their supports, the large cap stocks could once again continue to lead the indices higher. The ’20 DEMA’ has not been breached yet in both Nifty as well as Bank Nifty index since last couple of months and hence, this average remains a sacrosanct for this trended move. This average in Nifty is now placed around 18420 while for Bank Nifty it is placed around 43800. Traders would be watchful on the RBI Policy outcome on Thursday and the market’s reaction to the same will be important. Also, the RBI policy event coincides with the weekly expiry of Nifty and the BankNifty options contracts and if we look at the open interest data, then options writers seem to have build significant positions at 18600 put option in Nifty and 44000 put options in the Bank Nifty index which will be seen as crucial supports on the expiry day.

                                                                       Nifty inching towards new all-time high 

Nifty Graph


On the higher side, the Nifty index could be heading higher to mark a new record high soon whereas if the private sector heavyweights from the banking space witness an upmove, then the Bank Nifty index too could take the leadership again to take the benchmark higher.


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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