Nifty Outlook for 11 July 2023

resr 5paisa Research Team

Last Updated: 11th July 2023 - 11:03 am

Listen icon

Nifty started the week marginally positive around 19400 levels, but it traded within a narrow range throughout the day. The rally in the index heavyweight Reliance Ind kept the Nifty in green and it ended around 19350 with marginal gains.

Nifty Today:

It was day of consolidation as far as index move was concerned. The key indices consolidated within a narrow range while some profit booking was seen in the broader market due to which the breadth was marginally in favor of the declines. Post the recent run up, the momentum readings had reached the overbought zone which has started to cool-off. Generally when the momentum readings are overbought, we either see a time-wise correction or a price wise correction to cool-off the overbought set ups. Till the important supports in Nifty are intact, we believe the index would just see some consolidation and then resume the uptrend as the trend remains strong. Hence, we do not expect much downside in the Nifty while stocks specific correction could be there. The immediate support for watch out in Nifty is around 19300 followed by 19200-19100 range. Traders are advised to continue to trade with a ‘Buy on dip’ strategy and use any declines as buying opportunities. On the higher side, immediate resistance is seen around 19500 where open interest position build up is seen.

                                                                Consolidation in indices, heavyweight RIL provides support

Nifty Outlook - 10 July 2023

For intraday and swing traders, focusing on stock specific trading opportunities will be a better strategy while positions traders are advised look for buying opportunities in stock specific corrective moves.

 

Nifty, Bank Nifty Levels and FINNIFTY Levels:

 

Nifty Levels

Bank Nifty Levels

           FINNIFTY Levels

Support 1

19300

44770

                     19980

Support 2

19260

44600

                    19920

Resistance 1

19420

45150

                     20150

Resistance 2

19480

45380

                     20240

Trade with 0* brokerage for 30 days
Open FREE Demat Account with endless opportunities.
  • Flat ₹20 Brokerage
  • Next-gen Trading
  • Advance Charting
  • Actionable Ideas
+91
''
 
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 06th December 2024

by Sachin Gupta 18th Dec 2024

Market Outlook for 16 July 2024

by Ruchit Jain 13th Sep 2024

Market Outlook for 15 July 2024

by Ruchit Jain 11th Oct 2024

Market Outlook for 12 July 2024

by Ruchit Jain 12th Jul 2024

Market Outlook for 11 July 2024

by Sachin Gupta 11th Jul 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Open Free Demat Account

Be a part of 5paisa community - The first listed discount broker of India.

+91

By proceeding, you agree to all T&C*

footer_form