NIFTY OUTLOOK FOR WEEK (26-30) JUN 2023

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Nifty broke out above the 18,800 level and is close to surpassing the peak of 18,887 levels, accompanied by a long positive candle with minor upper shadow on the daily charts. The MACD showed a bullish crossover with a resistance level of 19,000 predicted to be on the horizon. Although the RSI and Nifty can keep the index strong, the moving averages are below the current index value, which reinforces a bullish outlook. Finally, the writers of call options at the 18,800 strike were seen closing their positions, signaling positive sentiment. Domestic equities suffered significant losses on Friday (June 23) amid weak global cues as investors remained concerned over sticky inflation, rate hikes and their impact on global economic growth. Shares of Reliance Industries, Infosys, Larsen & Toubro, SBI, TCS and ITC ended as the top drags on the equity benchmark Sensex.

Top gainers, losers today: Adani stocks, IndusInd Bank, SBI, Bharti

Our  Views on Markets

However, the domestic market is not expected to experience a significant correction due to favorable domestic economic indicators and a correction in international commodities prices to sustain earnings growth on a quarter-on-quarter basis. Technical Views on Markets It is observed that  intraday and daily charts, the Nifty formed a double top formation and also formed a bearish candle on weekly charts which is broadly negative.For traders, the 20-day SMA (simple moving average) or 18,650 would act as a sacrosanct support level. If the index trades above this, then it could retest the level of 18,880 and move up to 19,000. Below the 20-day SMA or 18650, the market could slip to 18,500-18,450 The Bank Nifty has formed a lower top formation and is currently trading near the 50-day SMA. For bank nifty traders, a 50-day SMA or 43,500 would act as a key support level, above which a quick pullback rally to 20-day SMA or 44,000-44,300 is possible. On the other side, below 50-day SMA or 43,500 it could slip to 43,300-43,000.The Nifty has shown weakness recently, as it has experienced a decline for two consecutive days.

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