Nifty Outlook for 28 June 2023

Nifty started the day on a higher note and traded with a positive bias throughout the day. The market breadth continued to be robust while the banking index witnessed a positive move towards the end of the session. Nifty ended the day above 18800 with gains of seven-tenths of a percent.

Nifty Today:

In last few sessions, the Nifty and the Nifty Midcap index have given a pullback move from the swing highs. However, the market breadth has been positive indicating continuation of stock specific buying interest by market participants. The 20 DEMA acted as a support in both the above indices and it seems to have resumed the upmove. The Bank Nifty index has seen a time-wise correction throughout the month so far and has given signs of breakout and a resumption of the uptrend. The banking index closed above 44000-44100 resistance and the RSI oscillator has also given a positive crossover on the daily chart.

                                                                   Bank Nifty resumes uptrend post recent consolidation

Hence, traders are advised to trade with a positive bias in the direction of the trend with a stoploss below the 20 DEMA on Nifty. 

Nifty, Bank Nifty Levels and FINNIFTY Levels:

​