Nifty Outlook for 30 June 2023

Nifty started the expiry with a gap up and marked a new record high at open. The index continued its momentum throughout the day and even achieved a new milestone of 19000 before ending the day tad below it. 

Nifty Today:

The index finally hit a new record high and the 19000 mark for which the market participants were waiting for. The recent upmove has been supported by a broad market participation which is a positive sign. The 20 DEMA again acted as a support in the correction and the higher top higher bottom structure resumed which hints at a continuation of the trend. FII’s had muted action throughout the June series in the index futures segment, but they formed long positions a day ahead of the June series expiry. These long positions indicate their positive view on the markets for the July series as well and until we see any signs of reversal, traders are advised to continue to trade with the trend. The immediate support for the Nifty index would be seen in the gap area at 18830 while positional support has shifted higher to 18700. On the higher side, the initial hurdle is seen around 19035 followed by 19125 which are retracement resistances on the short term charts. 

                                                                   Nifty hits milestone of 19000 and ends at new record high

The Bank Nifty index recently witnessed a time-wise corrective phase in last one month and seems to have resumed its uptrend. Until there’s a failure to this breakout, we expect the banking space to continue its upmove in the short term.

Nifty, Bank Nifty Levels and FINNIFTY Levels:

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