Nifty Prediction Today – June 23, 2023: Stay out of the market

Nifty Futures Jun 50 (18,737)

Nifty 50 and Sensex under pressure. Both indices gapped down and are trading lower. Price action this week suggests there are no strong buyers to take Nifty above 18,900. Support was tested at 18,650-18,600 region today and is holding. Nifty rose again from a low of 18,647. It is important to know whether or not he can handle this rebound. As such, today’s price action and close will be important for movement in the future.

global indicators

All major Asian indices are in red. Nikkei 225 (32,606) and Hang Seng (18,845) fell by about 2 percent each.

In the US, the Dow Jones Industrial Average (33,946) continues to decline. It can test 33,700 in the near term. The price action will then need to be watched closely to see if the indicator bounces back.

Nifty 50 futures

Nifty 50 June futures (18,737) fell by around 0.5 percent. The contract tested the support at 18685 and rose nicely. The main resistance for the day is located at 18,785. The contract must break this hurdle to relieve the negative pressure. This outage could lift the Nifty 50 June futures contract to 18900. Otherwise, the contract could fall to revisit the support at 18685.

Trade strategy

We suggest traders stay out of the market. Watch how the contract closes the week today which can give some clues for the next move. Accordingly, trades can be made next week.

supports: 18685, 18600

resistors: 18,785, 18,900