Nifty Outlook for 7 June 2023

Nifty started the day around 18600, but it witnessed selling pressure as the IT stocks corrected sharply and thus the benchmark index traded under pressure. However, the index recovered the losses from the lows towards the end and closed around the opening levels with a negligible loss.

Nifty Today:

Since more than a week, the Nifty and Bank Nifty indices are trading within a narrow range and have been consolidating within 18450-18660 range. The index has been trading in a rising channel and the lower end of the channel as well as the previous swing high breakout is placed around 18450. Thus, this now becomes a crucial support level and till this is intact the short term trend remains sideways to positive. In Bank Nifty index, the 20 DEMA has acted as a support in last couple of months which is now placed around 43700 and thus it remains a crucial support for the banking index.

                                                               
                                                                        Nifty witnessed rangebound move as IT space seen under pressure

Till the above mentioned levels are intact in Nifty and Bank Nifty, traders should continue to trade with a positive bias. A breakout beyond the above mentioned range will lead to the next directional move.

Nifty, Bank Nifty Levels and FINNIFTY Levels:

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