The Nifty 50 closed 733 points or 3.25 percent higher at 23,263.90, and Nifty Bank surged 1,996 points or 4.07 percent to 50,980 on Monday.
Key Resistance: 23,500, 23,800Key Support: 23,000, 22,800Strategy: If Nifty opens flat then buy and add more near 23,200 and below 22,100, targeting 23,500.
If Nifty opens gap up then buy on dips, whereas buy in the gap down too.
Key Resistance: 51,500, 51,700, 52,000Key Support: 50,500, 50,300Strategy: If Bank Nifty opens flat then buy and add more near 50,650 and below 50,400, targeting 51,500.
Stop-Loss: 50,400Mehul Kothari, DVP – Technical Research at Anand RathiIn the coming session, we expect further upside in Bank Nifty towards 52,000 – 52,500.
Nifty Uptrend
The market ended the session of June 3 with robust gains, following exit polls that signalled a strong majority for the NDA government in the Lok Sabha election. Analysts expect the Nifty to march towards the 23,500 level with support at 22,000, while Bank Nifty needs to stay above 50,000 to sustain upward momentum towards the 52,000 mark.
The Nifty 50 closed 733 points or 3.25 percent higher at 23,263.90, and Nifty Bank surged 1,996 points or 4.07 percent to 50,980 on Monday. About 1,496 shares advanced, and 825 shares declined on NSE.
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Nifty Outlook and Strategy
Jay Thakkar, Vice President & Head of Derivatives and Quant Research
The Nifty has provided a breakout on the upside from the rising channel. The momentum indicator MACD (Moving Average Convergence Divergence) is also well into the buy mode, which is a positive sign for the bulls going forward. The India VIX has also fallen quite sharply on Monday, indicating that the breakout is now likely to sustain.
Key Resistance: 23,500, 23,800
Key Support: 23,000, 22,800
Strategy: If Nifty opens flat then buy and add more near 23,200 and below 22,100, targeting 23,500. If Nifty opens gap up then buy on dips, whereas buy in the gap down too.
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Stop-Loss: 23,100
Mehul Kothari, DVP – Technical Research at Anand Rathi
The Nifty 50 closed near the upper end of the rising channel. A gap-up move in the upcoming session would confirm a breakout, potentially leading to a fresh round of rally. Additionally, the FIIs' long-short ratio in index futures indicates that they are heavily short, and optimism going forward could force them to cover their shorts, further fueling the upside.
Key Resistance: 23,300, 23,500, 23,800
Key Support: 23,100, 23,000
Strategy: Buy on dip near 23,200
Stop-Loss: 23,000
Pravesh Gour, Senior Technical Analyst at Swastika Investmart
The overall trend is bullish, and dips around 23,080-23,100 could be a good opportunity to buy. A breakout above 23,383 could signal a move towards 23,500. If it slips below 23,080, it could move towards 23,000 levels, with crucial support at 22,800.
Key Resistance: 23,383, 23,500, 24,000
Support: 23,100, 23,000, 22,800
Strategy: Consider buying near 23,100
Stop-Loss: Place a stop-loss order below 22,800
Bank Nifty - Outlook and Positioning
Jay Thakkar, Vice President & Head of Derivatives and Quant Research
Bank Nifty has provided a breakout above the 50,200-50,400 range. As long as this range is held on a closing basis, the next target on the upside is 52,000 to 52,500 levels.
Key Resistance: 51,500, 51,700, 52,000
Key Support: 50,500, 50,300
Strategy: If Bank Nifty opens flat then buy and add more near 50,650 and below 50,400, targeting 51,500. If it opens gap up, then buy on dips. If it opens gap down, then also buy.
Stop-Loss: 50,400
Mehul Kothari, DVP – Technical Research at Anand Rathi
In the coming session, we expect further upside in Bank Nifty towards 52,000 – 52,500. On the downside, positional support is now placed at 50,000.
Key Resistance: 51,200, 52,000
Key Support: 50,500, 50,100
Strategy: Buy on dips between near 50,700
Stop-Loss: 50,500
Pravesh Gour, Senior Technical Analyst at Swastika Investmart
Dips towards 50,500 would be an opportunity to buy Bank Nifty with strong support. Below 50,500, strong support is at the 50,000 level. On the upside, 51,500 would be the resistance zone.
Key Resistance: 51,200, 51,500, 52,000
Key Support: 50,900, 50,500, 50,000
Strategy: Consider buying near 50,500 for potential upside
Stop-Loss: Place a stop-loss order below 50,000
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