Nifty Outlook for 14 June 2023

Nifty started the day on a positive note and continued to trade with a positive bias throughout the day. The broader markets witnessed good momentum and Nifty ended above 18700 with gains of over half a percent.

Nifty Today:

The indices witnessed some consolidation in last three trading sessions but the market breadth continued to be robust. The 20 DEMA support was intact on Nifty, Bank Nifty as well as FIN Nifty and these indices seemed to now have resumed the uptrend. Hence, until there are any signs of reversal traders are advised to trade with a positive bias and it seems that the Nifty index is gearing to hit a new record very soon. The immediate supports for Nifty are placed around 18555 and 18450 while the swing high of 18780 will be the initial hurdle to watch for, above which we could see the index clocking new record high. The Bank Nifty index has been consolidating well above its ‘20 DEMA’ support which is now placed around 43870. This support followed by swing low around 43700 remains a crucial range for this index and till the index trades above this support, one should continue to trade with a positive bias.

                                                               Nifty gearing to hit new milestone soon

The Midcap stocks have been soaring although the Nifty Midcap 100 index is in an overbought zone. But it is often seen that when the trend remains strong, the upmove continues in the overbought zone as well. On the Nifty Midcap 100 index, the reciprocal retracement theory indicated immediate resistance in 35200-35300. So, one should continue to ride this trend until any reversal signs are seen or the index reaches the mentioned target zone.

Nifty, Bank Nifty Levels and FINNIFTY Levels:

​