Daily Markets Wrap - June 14, 2023 - HDFC Securities

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

Nifty rose for the third consecutive session on June 14. At close, Nifty was up 0.21% or 39.8 points at 18755.9. Volumes on the NSE were on the higher side. Smallcap index rose more than the Nifty even as the advance decline ratio softened but remained above par at 1.19:1.

Global shares edged higher on Wednesday as traders were all but certain that the U.S. Federal Reserve will desist from hiking interest rates later in the session after a subdued CPI report from the US on Tuesday. Traders and investors however held off making big bets ahead of the Fed meet in the background of majority view of a pause as any hawkish move or comment by the Fed could reverse the indices.

The Wholesale Price Index (WPI) inflation in India fell to -3.48 percent (lowest since Nov 2015) from -0.92 percent in April, with a favourable base effect again playing a starring role.

Nifty formed a high wave type candle at the highs suggesting upside volatility. A move below the low of June 14 (18690) could lead to faster move on the downside. On the other hand, a move above 18782 could lead to a new high formation in the next few sessions.

Source : Equity Bulls

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