Market Outlook for 11 June 2024

Ruchit Jain Ruchit Jain

Last Updated: 11th June 2024 - 10:02 am

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Nifty registered a new record high to surpass 23400 mark for the time, but it cooled-off from the highs during the last hour and ended the first day of the week around 23250 with a marginal loss.

Our markets have seen a sharp V-shaped recovery from last week’s low and the index posted new record by surpassing last Monday’s high. However, some profit booking was seen at higher levels as the index has rallied sharply in last few days and the momentum readings on the lower time frame charts reached the overbought zone. Thus, although the broader trend remains positive, some consolidation or pullback move cannot be ruled out to cool-off the overbought set ups. But any such corrections will be seen as a part of the uptrend as the daily and weekly readings are positive and hence, traders should use dips/consolidations to use as a buying opportunity. The support for Nifty is placed in the range of 23000-22850. On the higher side, resistance is seen around 23500 followed by 23900, which is the retracement level of recent correction and the index would probably rally towards that level in the near term.

                                 New high for Nifty as index tests 23400 for the first time

nifty-chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 23110 75950 49250 21950
Support 2 23000 75520 48890 21800
Resistance 1 23370 76920 50150 22300
Resistance 2 23500 77350 50500 22430
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