Nifty Outlook for 15 June 2023

Nifty started the day on a positive note, but it continued to trade within a narrow range and ended above 18750 with marginal gains. The Bank Nifty index witnessed some relative underperformance and ended on a negative note.

Nifty Today:

The Nifty index is close to its all-time high but is showing a slow and gradual upmove. The prices are trading within a rising channel which is seen in an uptrend and the key indices such as Nifty, Bank Nifty and the FINNifty are all trading above their 20 DEMA supports which have not been breached since last two and a half months. So until the prices close below their supports, it is better to stay with the trend. The FED monetary policy outcome could have an impact depending on the global markets reaction to the policy. But as mentioned, the trend remains intact and hence, it is better to ride this trend. Nifty is gradually inching towards making a new record high which could be tested soon. The Banking index is witnessing some consolidation around its 20 DEMA support, where 43850-43700 would be seen as an important support zone. The broader markets have been doing well and hence, the Midcap index is continuing its upmove. Although the momentum readings are in the overbought zone, the retracement resistance for the Nifty Midcap 100 index is seen in 35200-35300 range.

                                                               Indices consolidates ahead of FED data 

In the derivatives segment, we have not seen any significant activity in the index futures segment in last few days as the long positions of FII and Client section are around 51 percent. But none of them are forming short positions which itself is a positive sign for the near term.

Nifty, Bank Nifty Levels and FINNIFTY Levels:

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