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Below View on Nifty 12 June 2023 By Rupak De, Senior Technical Analyst at LKP Securities

The Nifty, the benchmark index of the National Stock Exchange of India, remained in a sideways movement ahead of the release of the Indian Consumer Price Index (CPI) inflation data. It sustained its position above a critical near-term moving average, indicating stability in the market. Whereas, the Relative Strength Index (RSI) showed a bearish crossover, suggesting a potential weak momentum.

For the Nifty, initial support is expected to be found at the level of 18,600, where significant Put writing has been observed. This indicates that there is buying interest at this level, potentially providing a floor for the index. On the other hand, resistance levels are seen at 18,650 and 18,800, indicating potential barriers for the Nifty's upward movement.

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