Market Outlook for 12 June 2024

Tanushree Jaiswal Tanushree Jaiswal

Last Updated: 12th June 2024 - 10:17 am

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Nifty consolidated within a narrow range in Tuesday’s session and ended on a flat note. But the stock specific momentum was positive as the market breadth was healthy and hence the midcap index outperformed.

The indices consolidated in a narrow range on Tuesday as the RSI readings on the lower time frame charts were in overbought zone, and gave a negative crossover which hinted at possible cool-off in the readings. Such overbought set-ups cool off either by a price wise dip or a time wise correction (consolidation). The daily and weekly momentum is positive and hence, we do not expect any significant price correction. On the lower side, the immediate supports are placed around 23050 and 22930. Traders are advised to focus on sector/stock specific momentum as better trading opportunities are seen while any dips in the index towards the supports would be buying opportunity there too.
FIIs have recently covered their short positions while Client section has done some profit booking on long positions. The Weekly options data indicates support around 23200 followed by 23000 while resistance is seen around 23500.

                                 Stock specific momentum seen as index consolidates in range

nifty-chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 23180 75970 49500 22030
Support 2 23000 75700 49300 21950
Resistance 1 23370 76700 49950 22220
Resistance 2 23470 77100 50200 22310
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