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Below View on Nifty 05 June 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

The Nifty index is currently experiencing a sideways trend, indicating a lack of clear direction in its price movement. This sideways movement is accompanied by low trading volumes, suggesting a relatively lower level of market participation and activity.The index has a support level at 18550, indicating a price level where buyers have shown interest and may provide a foundation for potential price rebounds. On the other hand, there is a resistance level at 18660, acting as a barrier for upward movements and where sellers may become more active. Despite the sideways trend, the overall undertone of the market remains bullish. This suggests that the prevailing sentiment favors buying opportunities on dips or temporary price declines. Investors are advised to adopt a "buy on dip" approach, indicating a strategy of purchasing the Nifty index when it experiences short-term pullbacks.

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