Daily Markets Wrap - June 15, 2023 - HDFC Securities

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

Nifty swung between gains and losses and snapped three sessions of advance to end lower on June 15. Nifty finally closed 0.36% or 67.8 points lower at 18688. Volumes on the NSE were much above recent average. Broad market indices ended marginally in the positive although the advance decline ratio ended in the negative at 0.78:1.

World stocks slipped from 18-month peaks on Thursday as traders readied for what is expected to be the eighth straight rate hike from the European Central Bank (ECB) later. Investors expect more policy stimulus from China to support its struggling economy after a string of disappointing Chinese data.

Nifty formed a bearish Engulfing pattern on June 15. This could be the first sign of caution after a long upmove. 18555 could be the next support while 18778-18794 band could offer resistance.

Source : Equity Bulls

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