Nifty Outlook: Sideways Action Likely as June Opens

As anticipated last week, Nifty traded sideways, showing limited movement.

The current technical setup indicates the index may continue to remain range-bound in the upcoming week.

On the 30-minute chart, a symmetrical triangle pattern has formed, suggesting that a breakout in either direction could lead to a swift, short-term move.

Key Levels to Watch
Support: 24,500
Resistance: 25,100 – 25,150

A decisive breakout above 25,100, confirmed by two consecutive closes, could pave the way for a rally toward the 25,500 mark.

Meanwhile, Foreign Institutional Investors (FIIs) have cut their long positions to nearly half of April–May levels, reflecting a more cautious stance. Still, their net buying in the previous months, along with upcoming catalysts like the RBI policy announcement on June 6 and the progress of the monsoon, could potentially reignite market momentum.