Sachin Gupta
Tanushree JaiswalMarket Outlook for 18 June 202...
by
Ruchit Jain
14th Jun 2024
Weekly Market Outlook for 27 May to 31 May
Ruchit Jain
Last Updated: 27th May 2024 - 10:25 am
In the week gone by, Nifty rallied higher to test a new milestone and it tested the 23000 mark for the first time ever. The up move was supported by a broad market participation as all the sectoral indices ended positively, with outperformance seen from the PSU and the Metal stocks. The index ended the week just below 23000 with weekly gains of about a couple of percent.
Our markets registered another history as the Nifty tested the 23000 mark and Sensex surpassed the 75000 mark. In this series, FII had formed significant short positions and since the index continued to show strength, they had to cover some of the shorts which resulted in a sharp rally to new highs on the weekly expiry day. Although, in last couple of sessions we saw marginal weakness in broader markets as midcaps relatively underperformed. The overall trend continues to be positive as there are no signs of reversal yet. The higher end of the channel and the retracement levels indicate initial hurdle in the range of 23050-23150 in the coming week and once this is crossed, we could see a continuation of the rally towards 23400-23500 zone. On the flipside, the immediate supports for Nifty are placed around 22700 followed by 22500 level.
Traders are advised to continue to trade with a positive bias and look for buying opportunities on any declines. INDIA VIX continues to remain high due to the event (elections results) ahead, but it should start cooling off if the actual event outcome does not deviate much from the expectations.
Nifty hits 23000 for the first time ever
Nifty, Bank Nifty Levels and FINNIFTY Levels:
| NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
| Support 1 | 22850 | 75050 | 48500 | 21600 |
| Support 2 | 22780 | 74800 | 48300 | 21500 |
| Resistance 1 | 23080 | 75820 | 49300 | 22020 |
| Resistance 2 | 23150 | 76000 | 49550 | 22150 |
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