Market Outlook for 07 June 2024

Ruchit Jain Ruchit Jain

Last Updated: 7th June 2024 - 10:49 am

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Nifty continued its positive momentum on the weekly expiry day and rallied higher to test 22900 mark. However, the index consolidated in a broad range in the later part of the session and ended the day above 22800 with gains of almost a percent.

The positive momentum continued in the markets and the index reclaimed the 22800 mark in Thursday’s session. It resisted around 22900 during the day which is the 78.6 percent retracement level of the fall that we saw on the election results day. The markets have seen a decent pullback from the lows, and now it will be crucial to see how it reacts around the resistance of 22900-23000.

The market breadth remains healthy which is a positive sign, but the intraday range has widened due to which the volatility is high inspite of cool-off in INDIA VIX post the event. FII’s still have a decent amount of short positions and it needs to be seen if they cover these positions as markets have been steady after the event. A move above 23000 could trigger further momentum but until we surpass the same, high volatility with moves on both sides could not be ruled out. The support for the index is placed in the range of 22600-22500 followed by positional support at 22200-22000. Traders are advised to trade with a sector/stock specific approach and trade with proper risk management.

                                   Nifty continued positive momentum; 22900-23000 key resistancenifty-chart

 

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 22670 74600 48900 21720
Support 2 22520 74150 48500 21550
Resistance 1 23000 75420 49670 22050
Resistance 2 23200 75800 50050 22200
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