Nifty prediction for today – June 8, 2023: Go long now and at 18,805

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Nifty Futures 50 Jun (18,836)

Nifty 50 and Sensex continue to show resilience, with both indexes up around 0.26 percent each. Sensex is currently trading at 62,321 points, while Nifty is trading at 18,776 points.

The outlook remains bullish, with the Nifty Index expected to rise to 18900-19000 in the next few sessions. But beyond that, the price action will need to be watched closely. A corrective drop from around 19,000 is likely.

global indicators

All major Asian indices are in the red, with the Nikkei 225 (at 31,450) down 1.45 percent the most ragged.

In the US, the Dow Jones Industrial Average (33665) is starting to rise again after experiencing an initial decline this week. The general bias is positive. We expect the Dow Jones to rise further towards 34,000 and above in the coming days.

Nifty 50 futures

Nifty 50 June futures (18,836) are up 0.2 percent so far today. The outlook is bullish. Nifty 50 June futures contract could rise to 18,900-18,930 in the coming sessions. The immediate resistance is at 18,850. A break above it could lead to a rise to 18900-18930. Support is in the area of ​​18800-18780.

The bullish bias will be invalidated only if the contract drops below 18780. In this case, a drop to 18730-18700 is possible.

Trade strategy

Dealers can buy now. Accumulate on dips at 18,805. Keep stop loss at 18,765. Trail stop loss up to 18,845 once the contract moves to 18,870. Move the stop loss to 18,865 when the contract touches 18,890. Exit long positions at 18,920.

Supports: 18780, 18730

Resistors: 18,850, 18930.