Daily Markets Wrap - June 16, 2023 - HDFC Securities

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

Nifty rose smartly on June 16 recording all time high closing. At close, Nifty was up 0.74% or 137.9 points at 18826.0. Volumes on the NSE were sharply higher. Broad market indices rose in tandem with the Nifty even as the advance decline ratio rose to 1.74:1.

Global stocks were headed for the best week in more than 9 weeks after a series of Central Bank decisions, lifted by bets that the Federal Reserve will soon end its tightening cycle and China will introduce fresh stimulus measures. The Bank of Japan wrapped up a policy meeting by keeping its ultra-lax monetary stance unchanged, as expected, which led to weakening of yen.

Nifty fell just 23 points short of all time high but closed 61 points away from it. On weekly charts it rose 1.41% after two weeks of small gains. It could reach all time highs soon. 18662 could be the support on downmoves.

Source : Equity Bulls

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