Nifty Prediction Today – June 9, 2023: Stay out of the market

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Nifty Futures Jun 50 (18700)

Nifty 50 and Sensex are trying to recover after the late sell-off seen on Thursday. Both indices are up about 0.15 percent today. Sensex is trading at 62,932 and Nifty at 18,663.

Nifty has support at 18,600, which is holding up nicely so far. As long as the indicator stays above this support, a range of 18600-18800 can be seen for some time. The general bias is positive. As such, Nifty is likely to breach 18,800 eventually and hike to 19,000 in the coming days.

global indicators

All major Asian indices are trading in the green. The Nikkei 225 (32224) rose 1.8 percent, and the Kospi Index (2635) rose 0.96 percent.

In the US, the Dow Jones Industrial Average (33,833) rose the most. Negative pressure is relieved. On the chart, the bias is positive. Dow Jones could breach 34,000 and rise to 34,300-34,500 in the coming days.

Nifty 50 futures

Nifty 50 June futures (18,700) fell marginally by 0.05 percent. The contract is struggling to gain a strong follow-up rally. This leaves high chances for the Nifty 50 June futures contract to decline to test the support at 18650 today. After that, price action will need to be watched closely. A strong rebound from around 18650 could lift the contract to 18800-18850 next week.

On the other hand, a break below 18650 will increase the negative pressure and pull it down to 18600 and 18550.

Trade strategy

We suggest traders stay out of the market today. Watch the price action around 18,600 and see how the contract closes for this week. Then trades can be made accordingly next week.

Supports: 18,650, 18,600

Resistors: 18750, 18800