Daily Markets Wrap - June 22, 2023 - HDFC Securities

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

Nifty oscillated between gains and losses on June 22 to end lower after Sensex hit a fresh record high in pre-open. At close, Nifty was down 0.45% or 85 points at 18771.3. Volumes on the NSE were above recent average. Broad market indices fell more than the Nifty even as the advance decline ratio fell to 0.45:1 - a 3 month low.

Global shares eased on Thursday after US Fed Chair indicated U.S. rates had further room to rise rates to contain stubbornly elevated inflation, ahead of the Bank of England's decision on monetary policy later in the day.

Fitch Ratings on Thursday raised its forecast for India's economic growth to 6.3 per cent for current fiscal year 2023-24 from 6 per cent it had predicted previously.

Nifty formed a bearish candle stick on June 22 after making a marginally higher high in the morning. The Nifty has tried 4 times out of the previous 5 days to make a new all time high, but has not succeeded so far. 18888-18660 is the band for the Nifty, a breach of which on either side will determine it's near term direction.

Source : Equity Bulls

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DailyMarketsWrap HDFCSecurities Nifty Sensex