Nifty 50, Sensex on June 10: What to Expect in Trade Today

Nifty 50, Sensex on June 10: What to Expect in Trade Today

Keywords: Nifty 50, Sensex, Market outlook, Global cues, Technical analysis

Market Overview

Indian equity markets are expected to open higher on June 10, 2023, following positive global cues. The Nifty 50 and Sensex have been trading in a range for the past few weeks, with investors awaiting fresh triggers for direction.

Global Cues

Global markets closed higher on Thursday as investors welcomed the European Central Bank’s (ECB) plan to raise interest rates and reduce its balance sheet. However, concerns over rising inflation and the Federal Reserve’s aggressive stance kept the gains in check.

Technical Analysis

Nifty 50:

The Nifty 50 remains above its 50-day moving average (DMA) of 15,870, indicating a bullish trend.
However, the index is facing resistance at the 16,000 level.
A break above 16,000 could lead to a rally towards 16,200.

Sensex:

The Sensex is also trading above its 50-DMA of 52,950.
The index is attempting to break above the psychological level of 54,000.
If it succeeds, it could rise further towards 54,500.

Factors to Watch

Global market trends
Inflation data
RBI’s monetary policy meeting outcome
Foreign institutional investor flows
Technical indicators

Expectations for Today

The Nifty 50 is likely to open near 15,960 and face resistance at 16,000.
The Sensex could open around 53,900 and target 54,000.
Volatility is expected to remain high due to the upcoming RBI policy meeting and global uncertainties.

Trading Strategy

Traders can consider buying the Nifty 50 or Sensex if they break above their respective resistances.
Stop-loss orders can be placed below the 50-DMA.
Target levels can be set at the next technical resistance levels.
It’s advisable to trade with caution and manage risk appropriately.