NIFTY INTRADAY TRADING LEVELS FOR TOMORROW
DATE- 01.06.23
TIME-FRAME- 15 MINUTES
BUY ABOVE- 18577 target will be 18604, 18647 & 18695
SELL BELOW- 18479 target will be 18452, 18415 & 18386
Nifty 50 and BSE Sensex ended Wednesday’s session in the red. The NSE Nifty 50 fell 99.45 points or 0.53% to 18,534.40 and BSE Sensex plunged 346.89 points or 0.55% to 62,622.24. In sectoral indices, Bank Nifty tanked 308.20 points or 0.69% to 44,128.15, Nifty Metal plunged 46.50 points or 0.78% to 5,890.05 and Nifty Oil & Gas tumbled 94.75 points or 1.26% to 7,432.15 while Nifty Pharma rose 73.70 points or 0.58% to 12,678.40 and Nifty Realty jumped 3.60 points or 0.76% to 478.80. The top gainers on Nifty 50 were Tech Mahindra, Bharti Airtel, Kotak Bank, SBI Life and Sun Pharma while the losers were ONGC, NTPC, Axis Bank, Reliance Industries Ltd (RIL) and HDFC.
On the daily charts, we can observe that the Nifty has filled the gap area 18500–18580 formed on 29th May and held on to that support zone. We believe that the Nifty is in the process of retesting the breakout it provided last week from the zone of 18000–18400. The hourly momentum indicator has reached the equilibrium line indicating that the consolidation may have matured, and it can start a new cycle on the upside. Overall, we continue to maintain our positive outlook on the index for a target of 18800 from a short-term perspective. In terms of levels, 18460–18400 shall act as the crucial support zone while the hurdle zone is placed at 18660–18700.
