Market Commentary

Daily Markets Wrap - June 2, 2023 - HDFC Securities

Posted On : 2023-06-02 18:07:13( TIMEZONE : IST )

Daily Markets Wrap - June 2, 2023 - HDFC Securities

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

Nifty ended marginally in the positive after a highly volatile trade on June 02. At close, Nifty was up 0.25% or 46.4 points at 18534.1. Volumes on the NSE were a little above recent average. Broad market indices gained more than the Nifty once again even as the advance decline ratio remained firm at 1.82:1.

Global stocks rose on Friday as sentiment was lifted by signs the US Fed will skip a rate hike at its next meeting and the approval of U.S. debt ceiling legislation.

Nifty nudged back into green again and again on Friday despite selling pressure in select large caps. On a weekly basis, Nifty rose 0.19% forming a high wave type of candle. As long as the Nifty stays above 18315, bulls may have an upper hand. On upmoves, 18662-18729 could offer resistance. A lot of near term concerns for the markets globally are out of the way.

Source : Equity Bulls


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