Nifty Outlook for 13 June 2023

Nifty traded within a narrow range on the first trading day of the week and ended around 18600 with marginal gains. The Banking index witnessed some selling pressure, while the IT index witnessed a pullback move and outperformed to end with gains of one and a half percent.

Nifty Today:

Nifty consolidated within a narrow range in Monday’s session, but the broader markets witnessed a positive momentum as the overall market breadth was positive. Nifty is trading above its support of 18450 which is the recent swing low and the ‘20 DEMA’ level. Till this is intact, the in-between down moves should just be seen as pullback moves. On the other hand, the Bank Nifty index has been trading around its average support which is around 43870. The swing low is placed at 43700 and thus, 43870-43700 becomes a crucial support for the banking index. If the above mentioned supports are breached, then one can expect some price wise correction in the near term, else the market will just see such consolidations and resume its uptrend.

                                                               Nifty index consolidates but market breadth remains positive

On the higher side, 18670-18700 is the immediate intraday resistance range to watch out. Traders are advised to keep a tab on the above levels and look for stock specific opportunities. 

Nifty, Bank Nifty Levels and FINNIFTY Levels:

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