Nifty Levels Today

Today’s Nifty Outlook

Bullish Above: 23,300

Bearish Below: 23,000

Expected Range: 22,950 – 23,350

Best Trade Today: Buy 23200 PE below 23,000

Nifty Levels Today: Support, Resistance, Option Chain & Trade Setup

Nifty closed at 23,123 and continues to trade below all major moving averages, indicating that bears remain in control. However, the index is approaching an important support zone near 23,000 where short-covering attempts may emerge.

As long as Nifty remains below 23,300, rallies are likely to face selling pressure. A move above 23,300 could trigger recovery towards 23,550–23,750, while a breakdown below 23,000 may open the door for a decline towards 22,750–22,550.

Today’s bias remains cautiously bearish, and traders should closely monitor the 23,000 and 23,300 zones for directional cues.

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Key Nifty Levels Today

Nifty Option Chain Strategy Today – 16 June Expiry

Today’s Options Trade Setup

Why This Trade?

• Nifty closed at 23,123 and remains below all major moving averages from 20 DMA to 200 DMA.

• Short-term, medium-term and long-term trends are all bearish.

• MACD remains negative with a declining histogram, indicating bears remain in control.

• RSI at 35.77 suggests weakness persists, although the market is approaching oversold territory.

• Option chain shows significant Put support near 23,000 while aggressive Call writing is visible around 23,200–23,300.

• Stochastic and Williams %R indicate oversold conditions, raising the possibility of sharp short-covering rallies.

• Unless Nifty reclaims 23,300, rallies are likely to face selling pressure.

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Chanakya View

👉 Below 23,000: Buy 23200 PE for targets of 22,800–22,560.

👉 Below 22,950: Fresh selling may trigger a move toward 22,750–22,560.

👉 Above 23,300: Recovery rally may emerge towards 23,550–23,745.

👉 Between 23,000–23,300: Expect consolidation and premium erosion.