Daily Markets Wrap - June 20, 2023 - HDFC Securities

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

Nifty showed a smart recovery on June 20 from morning weakness to end in the positive. At close, Nifty was up 0.33% or 61.25 points at 18816.7. Volumes on the NSE were on the higher side. Broad market indices rose a little more than the Nifty even as the advance decline ratio recovered to 1.37:1.

European and Asian stocks mostly fell on Tuesday after China cut interest rates by less than expected (LPR cut 10 bps) and investors awaited more details on Beijing's plans to shore up a faltering economic recovery. Investors feel that they will have to probably wait for China's Politburo meeting, headed by President Xi early in July, for any concrete announcement on a new round of stimulus.

Nifty negated the Dark Cloud Cover bearish formation formed on June 19 by ending in the positive. It has now formed a bullish piercing pattern. Nifty needs to break out of 18669-18888 band for showing acceleration in that direction.

Source : Equity Bulls

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