Daily Markets Wrap - June 23, 2023 - HDFC Securities

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

Nifty fell for the second consecutive session on June 23 pulled lower by negative global cues. At close, Nifty was down 0.56% or 105.8 points at 18665.5. Broad market indices fell more than the Nifty even as the advance decline ratio fell further to 0.38:1.

Global stocks fell on Friday, extending their declines for the week and edging towards their worst week since March, as traders worried that central banks' efforts to curb sticky inflation will lead to recessions and strengthen the US dollar.

Nifty formed a bearish Dark Cloud Cover pattern on weekly charts after falling 0.85% over the week. A quick recovery and move beyond the all time high may be difficult in the near term. Nifty could find support in the 18459-18555 band while 18795 could offer resistance on upmoves in the near term.

Source : Equity Bulls

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