Nifty 50 is managing to carry greater. The index is at the moment buying and selling at 23,434, up 0.15 per cent. The advances/declines ratio is at 32:18. That is constructive, and it signifies that extra rise might be on the playing cards for the day.
Nifty 50 outlook
Nifty is getting assist within the 23,350-23,300 area since yesterday. The index has risen again very effectively from the low of 23,334 at this time.
Broadly, there’s a vary of 23,300-23,500 (slender) / 23,200-23,500 (broad) inside which the Nifty has been oscillating for a while. It’s now poised across the midpoint of this vary. As such there’s equal probability for the Nifty to go both means from right here.
We should watch for a breakout on both facet of 23,200 or 23,500 to get readability on the subsequent transfer.
- Additionally learn: Shares that may see motion at this time: 14 June 2024
Nifty 50 futures
The Nifty 50 June futures (23,453) is up 0.24 per cent. The contract has resistance at 23,520 which may be examined throughout the day. However whether or not the contract breaks above 23,520 or not will decide the subsequent transfer.
A decisive break above 23,520 can be bullish to see 23,600 and better ranges. Alternatively, a downward reversal from round 23,520 can drag the contract right down to 23,350.
Buying and selling technique
Merchants can watch for an increase and watch the value motion round 23,500. If the Nifty 50 June futures contract fails to interrupt 23,520 and falls again beneath 23,500 after that, then go quick. Preserve the stop-loss at 23,540. Path the stop-loss right down to 23,480 as quickly because the contract falls to 23,455. Transfer the stop-loss additional right down to 23,445 when the contract touches 23,420. Exit the shorts at 23,380.
Helps: 23,300, 23,200
Resistances: 23,520, 23,600
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