Nifty Outlook for 12 July 2023

Nifty started the day on a positive note and rallied higher to surpass the 19500 mark again. However, the index gave up some of the gains towards the end and ended the day below 19450 with gains of about half a percent.

Nifty Today:

Nifty inched marginally higher and has been consolidating in range around its all-time high since last few session. In this consolidation, the index has formed a support around 19300 which remains a key level for the short term. The Bank Nifty index showed relative underperformance as it witnessed selling pressure from the highs and ended the day with marginal loss. However, the broader trend for Nifty remains up and it just seems to be going through some time-wise corrective phase. For the index, 19300-19550 is the immediate trading range and a breakout above the higher end will then lead to a continuation of the uptrend. Hence, traders are advised to continue to trade with a positive bias till the mentioned support is intact. The Bank Nifty is trading above its 20 DEMA support which is placed around 44500 and till this is intact, this small correction in last few sessions just seems to be a regular correction within an uptrend.

                                                                Consolidation in indices, heavyweight RIL provides support

Hence, as there are no signs of reversal yet, one should continue to trade with the trend and look for stock specific buying opportunities in intraday declines.

Nifty, Bank Nifty Levels and FINNIFTY Levels:

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