Daily Markets Wrap - June 3, 2022 - HDFC Securities

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

Nifty gave up the early gains on June 03 and ended in the negative after a day of gains. Nifty opened gap up and made an intra day top soon. Post 1215 Hrs, it began to fall despite other markets being firm. At close Nifty was down 0.26% or 43.7 points at 16584.3.

Among sectors, IT was the lone gainer, while Power, Consumer Durables and Auto were the main losers. Midcap index fell more than the Nifty and broader market came under selling pressure as is reflected in the advance decline ratio which is deeply negative.

Asian shares were mixed Friday amid mixed signs for investors such as rising energy prices and COVID-19 restrictions easing in China. European shares were mostly higher on Friday as investors await a key jobs report that will help gauge the strength of the U.S. economy and provide hints on the pace of the Federal Reserve's policy tightening in the second half of the year.

FPIs seem to have resumed selling activity in Indian markets. After a weekly gain of 1.4%, Nifty has formed a Dark cloud cover formation on daily charts. 16794 on the Nifty will have to be breached for further upmoves to happen. On downmoves 16443 is an important support.

Source : Equity Bulls

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DailyMarketsWrap Nifty Sensex HDFCSecurities