Nifty Outlook for 30 May 2023

Nifty started the day on a positive note amidst positive news over the weekend on the US debt ceiling deal. However, post the gap up opening the index consolidated within a narrow range throughout the day and ended around 18600 with gains of over half a percent.

Nifty Today:

Market participants seemed to be relieved as the uncertainty over the US debt ceiling deal was over in the weekend. However, our markets had already given a breakout above the 18450 resistance on Friday and confirmed a resumption of the uptrend. The Bank Nifty index importantly witnessed a positive momentum post the recent consolidation and it registered a milestone of new record high. FIIs have rolled over more of long positions in the index futures segment to May series and they added more longs leading their long positions to over 61 percent. This indicates a positive bias from the stronger hands and since both the Nifty as well as the Bank Nifty index have kept their respective 20 DEMA supports intact, the overall trend remains positive. The Midcap index too is trading at its all-time high indicating buying interest in the broader markets. Hence, traders are advised to continue to trade with the trend and look for buying opportunities from a short term perspective.

                                                                Bank Nifty hits new record high; resumes uptrend

The immediate support for Nifty is now placed in the range of 18500-18420 while resistance is seen around 18700/18800. 

Nifty, Bank Nifty Levels and FINNIFTY Levels:

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