Nifty Outlook For - 26 December 2024
Nifty Outlook for 1 June 2023
Last Updated: 1st June 2023 - 11:06 am
Our markets witnessed correction ahead of the weekly expiry day following negative global cues. The index heavyweights witnessed some selling pressure while the midcaps continued their outperformance. Nifty sneaked below 18500 during the day, but recovered some of the losses to end the day above 18500 with a loss of over half a percent.
Nifty Today:
The Asian markets traded with a negative bias today which led to a selling pressure on our markets as well. However, although the indices traded with a negative bias, the broader markets continued to witness buying interest and stock specific momentum from the midcap space was on the positive side. Recently, Nifty had given a breakout above 18450 hurdle which could now act as a support on declines. The ‘Higher Top Higher Bottom’ structure is intact as the index is trading in a rising channel and hence, one should look for buying opportunities on such declines. FII’s have been buying in the cash segment and have formed long positions in the index futures segment as well. The RSI oscillator on the daily chart too is in ‘Buy Mode’ and thus, the overall data and the chart structure are bullish.
Market pullback on weak global cues; midcaps continue outperformance
Hence we advise traders to look for buying opportunities in this dip. The cash segment stocks are witnessing significant outperformance and thus, one should look for potential stocks from such segment which could provide decent returns in the short term. The immediate support for Nifty is placed around 18450 followed by the positional support around the 20 DEMA at 18300. The resistances are seen around 18600/18700.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
|
Nifty Levels |
Bank Nifty Levels |
FINNIFTY Levels |
Support 1 |
18470 |
43850 |
19330 |
Support 2 |
18420 |
43600 |
19220 |
Resistance 1 |
18600 |
44370 |
19560 |
Resistance 2 |
18660 |
44600 |
19680 |
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