Market Commentary

Daily Markets Wrap - June 17, 2022 - HDFC Securities

Posted On : 2022-06-18 12:20:03( TIMEZONE : IST )

Daily Markets Wrap - June 17, 2022 - HDFC Securities

Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty opened lower on June 17 and remained in a 217 point range through the day touching the lower and upper range a couple of times. At close, Nifty was down 0.44% or 67.1 points at 15293.5.

Volumes on the NSE were higher than recent averages. Among sectors, Metal and Bank indices roe the most while Oil & Gas, Power, Consumer Durables, Auto, Healthcare and IT indices fell the most. BSE Smallcap indices fell 0.81% while Midcap index fell 0.40%.

Asian stock markets were mostly lower Friday after Wall Street fell on fears interest rate hikes will depress global economic activity. European stocks edged higher on Friday, but were set for sharp weekly losses as a slew of interest rate hikes from major central banks fuelled worries about a sharp economic slowdown. Global indices are headed for their worst week since March 2020.

Nifty fell and formed a doji after the recent downmove on June 17, suggesting possibility of an upward reversal. This is after a 5.6% fall over the week, the highest since May 2020. The low of June 17 (15183) will hence be crucial while on rises 15335 and 15659 can act as resistance.

Source : Equity Bulls


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