Nifty Outlook for 22 June 2023

It was a historical day for the markets as the Sensex hit a new milestone and registered a new record high in the morning session. However, Nifty is just a few points away from this record as it has ended at record closing high. 

Nifty Today:

The indices consolidated in a range for most part of the day, but the momentum on the index was positive as the heavyweights such as HDFC twins were buzzing in the day and the Senses index hit a new milestone. However, certain midcaps witnessed some profit booking towards the end. The Nifty Midcap 100 index, which is in an overbought zone, ended with a doji candle on the daily chart. Now, to start with Nifty, the 20 DEMA support has now shifted to 18620 and in last one week, this index has taken support around 18670. Thus, the support base is shifting higher which should be used as a reference level for stoploss on trading long positions. A close below the 20 DEMA in Nifty will then result in a corrective phase but until such scenario is seen, it is better to stay with the trend. The Bank Nifty index is already going through some time-wise corrective phase and for this index, 44080 is seen as a hurdle on the intraday charts. A move above this will lead to a resumption of the uptrend while 44700 and 44300 are the immediate supports. 

                                                                      Sensex hits record high, Nifty tad away from the milestone   

Traders are advised to be stock specific and ride the trend with a trailing stoploss below the mentioned supports.

Nifty, Bank Nifty Levels and FINNIFTY Levels:

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