NIFTY VIEW FOR THE COMING WEEK 12 JUNE TO 16 JUNE 2023🔎

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WEEKLY RESISTANCE FOR NIFTY: 18600, 18700, 18800

PIVOT POINT: 18500

WEEKLY SUPPORT FOR NIFTY:  18400, 18300, 18200

WEEKLY CHART FOR NIFTY

Markets enjoyed a strong start to the week from June 5, 2023 on positive developments in US markets over the weekend. However, after the initial surge, there was limited movement and prices fluctuated in a 50-60 point range throughout the day. The general sentiment remained upbeat with the Nifty Index gaining 0.32% to re-hit the 18600 level. The market started Tuesday's session with little momentum leading to a flat open. However, weakness in the IT sector caused Nifty to decline in the first half. Still, other sectors showed strength and led to a notable recovery in the penultimate hour. As a result, Nifty pared its morning losses and finally closed just below the 18600 level. Following the positive momentum during the FAG period late Tuesday, Nifty started proceedings on Wednesday with a gap to the upside, above the recent congestion period . Although there were initial signs of potential intraday consolidation, positive momentum returned in the second half. As a result, Nifty ended the day up 0.68% and comfortably recaptured 18700. Indian equity markets got off to a flat start to Thursday's session, with the benchmark index gaining modestly for the first few hours on the back of the RBI policy announcement. Monetary policy decisions were in line with market expectations, leading traders to take profits following the announcement. As a result, prices not only erased morning gains, but also ended the session down 0.48%, just below the 18650 level. The domestic market faced continued selling pressure as investors eagerly awaited Monday's Domestic inflation data waited as the RBI refrained from aggressively lowering its inflation forecast. The market is hoping that CPI inflation will moderate further in May from its current level of 4.7%. In addition to domestic factors, global signals also failed to provide support as the US reported high unemployment ahead of the inflation reading and Fed meeting. The Indian benchmark indices closed lower for the second straight session on Friday, June 9, with the Nifty below 18600. At the close, the Sensex was down 223 points at 62625 and the Nifty was down 71 points at 18563.

NIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

Indications are pointing towards a further slide in the Nifty index however downside also seems capped citing support at 18,400 levels. We recommend focusing more on position management during the corrective phase and preferring sectors/stocks that are showing relatively higher strength.

 TECHNICALLY SPEAKING

Another uptrend rally is not possible in nifty until a break below 18700 and the market could rally above that to 18,800-18,900. Meanwhile, Bank Nifty is witnessing unidirectional activity and traders may be waiting for a breakout on either side. For the bulls, 44,000 would currently be the immediate resistance zone, while 43,800 could act as a key support level. Above 44k, Bank Nifty could rally to 44500, while below 43800 selling pressure is likely to intensify and could retest 43500-43300 levels.