Market Commentary

Daily Markets Wrap - June 15, 2022 - HDFC Securities



Posted On : 2022-06-15 21:29:14( TIMEZONE : IST )

Daily Markets Wrap - June 15, 2022 - HDFC Securities

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

Nifty closed lower for the fourth consecutive session on June 15 after giving up the morning gains. At close Nifty was down 0.25% or 39.95 points at 15692.2.

Volumes on the NSE were at a multi month low as traders stayed away from making fresh commitments ahead of the crucial US Fed meet. Among sectors Auto and Capital Goods indices gained the most while Metals, Oil & Gas and Power indices fell the most. Small and Midcap indices outperformed the Nifty ending higher by ~0.5%. Advance decline ratio was positive.

Global markets were edgy ahead of the US Fed meet this evening in the US to decide rates; however European markets go a lift from the news that European Central Bank would hold an emergency meeting on the recent bond market sell-off. Chinese stocks rallied to the highest in 3 months as the country's growth-focused policy lures investors seeking a reprieve from the widespread market meltdown.

Indian Rupee fell to a record low 78.28 in intraday trade on Monday even as India's May Trade deficit rose to a high of $24.29 bn.

Post the US Fed meet outcome this evening Indian time, Nifty could either open gap down below 15500 or gap up above 15886. A downside breakdown could result in follow through selling while an upside breakout will have to face selling pressure at highs.

Source : Equity Bulls

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DailyMarketsWrap Nifty Sensex HDFCSecurities