Technical Analysis of Nifty & Bank Nifty for June 9, 2023 

Technical market quote by Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities on today’s market performance.

After showing a sustainable upmove towards the hurdle of 17800 levels on Wednesday, Nifty slipped into weakness on Thursday and closed the day lower by 91 points. After opening with a flat note, the market made an attempt to move up in the early-mid part of the session. Sharp intraday weakness has emerged from the new swing high of 18777 levels. Intraday upside recovery of mid part has failed to sustain and Nifty closed near the lows.

A reasonable negative candle was formed on the daily chart with upper shadow. Technically, this pattern indicates rejection of bulls at the highs and this could be considered as a short term reversal pattern on the down side.

The Nifty has been moving up as per bullish pattern like higher tops and bottoms in the last few weeks on the daily timeframe chart. Thursday’s swing high could be considered as a new higher top of the sequence and further weakness for short term is expected to be a higher bottom of the sequence. At the lows, Nifty could find cluster support like ascending trend line, 10 day and 20 day EMA around 18560-18450 levels.

Market outlook by Shrikant Chouhan, Head of Equity research (Retail), Kotak Securities ltd.

“Sharp correction in the last hour trade pulled down the Sensex below the 63000 mark, as realty shares faltered sharply after the recent upsurge. While rate hike pause by the MPC was on expected lines, subdued commentary by the RBI on inflation for this fiscal year dampened the sentiment. Technically, on daily charts, the Nifty has formed a long bearish candle, which indicates further weakness from the current levels. However, the medium term formation of the index is still in to the bullish side. For traders, as long as the index is trading below 18725, the technical correction is likely to continue. Below which, the market could slip till 18600-18550. Contra traders can take a long bet near 18550 with a strict stop loss at 18520.”

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