Weekly Market Outlook for 29 May to 2 June

Weekly Market Outlook for 29 May to 2 June
Weekly Market Outlook for 29 May to 2 June

by Ruchit Jain Last Updated: May 29, 2023 - 10:29 am 707 Views
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Nifty started the last trading session of the week on a positive note and surpassed the important resistance of 18450 during the day. It finally gave a breakout from the recent consolidation phase and ended the week around 18500 with weekly gains of over one and a half percent.

Nifty Today:

Nifty consolidated within a range in last couple of weeks, but the index kept its 20 DEMA support intact and has now resumed the uptrend. During the corrective phase, we did not see any short formations and infact on the expiry day, more long positions were rolled over by the stronger hands. FII’s have been buyers in the cash segment of late and rollover of long positions in the derivatives segment hints at their positive bias towards our market. The IT sector stocks have witnessed buying interest after a long period of underperformance and the heavyweight Reliance Ind. too saw positive traction. The Bank Nifty index has seen a consolidation in last few days but there too, the 20 DEMA support has not been breached. The support for this index is around 43400 and a breakout above 44100 could lead to a positive momentum in this index too. As far as Nifty is concerned, since the F&O data is positive and the chart structure too indicates an uptrend, traders are advised to trade with a positive bias in the direction of the trend. 

                                                                Nifty resumes uptrend led by buying interest from FIIs

Nifty Graph


Now since the uptrend has resumed, Nifty could head higher towards 18600 first, followed by 18700-18800 range and hopefully we also may be clocking new all-time highs soon. The immediate support for Nifty is placed around 18350 followed by positional support at 18200.


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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