Daily Markets Wrap - June 5, 2023 - HDFC Securities

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

Nifty remained in a 55 point band on June 05 after a gap up opening and closed up. At close, Nifty was up 0.35% or 64.5 points at 18598.6. Smallcap index rose more than the Nifty even as the advance decline ratio was up at 1.48:1.

Global stocks followed Wall Street mostly higher on Monday after strong US hiring data suggested a possible recession might be further away, while smaller wage gains stoked hopes inflationary pressures are weakening.

India's services activity expanded at the second-fastest pace in nearly 13 years in May, signalling robust growth. The seasonally adjusted S&P Global India Services PMI Business Activity Index stood at 61.2 in May, compared with 62 in April.

Nifty formed a spinning top on June 05. The band of 18640-18662 is proving tough to cross. Beyond this, Nifty could face resistance at 18696 while 18464 could provide support on falls in the near term. Action remains largely in the broader market rather than the Nifty stocks.

Source : Equity Bulls

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