Market Commentary

Daily Markets Wrap - June 6, 2023 - HDFC Securities

Posted On : 2023-06-06 18:34:11( TIMEZONE : IST )

Daily Markets Wrap - June 6, 2023 - HDFC Securities

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

Nifty ended flat on June 06 after a volatile session. At close, Nifty was up 0.03% or 5.2 points at 18599. Broad market indices rose 0.3-0.4% even as the advance decline ratio remained positive at 1.26:1. A gauge of Indian IT stocks declined the most in seven weeks after a U.S.-based peer - EPAM Systems cut its revenue growth forecast, warning of a slowdown in dealmaking.

Global stock markets were mostly down Tuesday after Wall Street fell on concern the U.S. economy may be weakening following a report that showed growth in service industries slowing.

The Reserve Bank of Australia (RBA) raised interest rates and warned that further hikes may be required to ensure inflation returns to target.

Nifty formed a long legged doji after a sideways move. Nifty has not been able to breakout of the 18464-18662 band for the past 7 sessions. A breach in either direction could accelerate the move in that direction.

Source : Equity Bulls


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