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Below View on Nifty 16 June 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

The Nifty index has successfully broken above the important resistance level of 18800, indicating a bullish sign. Additionally, writers of call options at 18800 strike have been observed covering their positions, suggesting a positive sentiment as the Nifty sustains its position above 18800. The moving averages are below the current index value, which further supports the bullish outlook. Furthermore, the momentum indicator has given a falling trend line breakout, indicating a potential increase in upward momentum. As long as the Nifty remains above the support level of 17700, the overall trend is expected to remain positive. However, a resistance level is anticipated at 19000, which may present a challenge for further upward movement.

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