By Vikash 
Nifty trends indicate a disappointing opening for the Indian benchmark index. Nifty was trading around 23,285 on Nifty futures, down nearly 50 points from its previous close. Domestic equity indices closed at record highs on Friday following the Reserve Bank of India (RBI) policy outcome. The Sensex closed 1,618.85 points or 2.16% higher at 76,693.36, while the Nifty 50 closed 468.75 points or 2.05% higher at 23,290.15.
On Friday, the Nifty 50 formed a long bull candle on the daily chart, which has reached a significant upside break of the upper side of Tuesday’s long bear candle, which is at 23,200 levels. “The short-term trend of Nifty remains positive,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, once it touches the overhead resistance around 23,300 – 23,400, the market is likely to recover slightly from the higher levels in the short term and this could be a buying opportunity.
What to expect from Nifty 50 and Bank Nifty today: Nifty 50 Prediction On June 7, the Nifty recorded another significant surge and ended the day with a sharp gain of around 2%. Rupak Dey, Senior Technical Analyst, LKP Securities said, “The short-term trend looks very positive as the index decided to close near all-time highs. Going forward, as long as the 23,000 level is not breached, the market will remain a buying opportunity. On the upside, the index could head towards 23,500 – 23,600.” On the downside, he believes profit booking could only take place below 23,000.
V.L.A. Dey, Co-Founder, Stock Market Today (SMT) Ambala suggested short-term traders to be cautious of market movements in this new week.
Nifty technical indicators suggest that market valuations remain in an upward trend, with RSI at 76 on monthly, 66 on weekly and 59 on daily timeframes. Overall, this adds to the high volatility of the market, which is expected to increase in the coming days,” Ambala said.