Daily Markets Wrap - June 26, 2023 - HDFC Securities

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

Nifty remained in a 76 point range on June 26 and repeatedly rose and fell before closing mildly in the positive. At close, Nifty was up 0.14% or 25.7 points at 18691.2. Volumes on the NSE were lower than recent average. Broad market indices closed higher than the Nifty even as the advance decline ratio remained positive at 1.31:1.

Global shares were mostly lower, while gold rose after an aborted uprising by Russian mercenaries raised questions about the authority of President Vladimir Putin and as a sharp decline in financial stocks more than offset gains in the energy sector on concerns about political instability in top oil producer Russia.

Nifty did not follow through on the downside post the bearish formation on weekly charts. It could now show a small bounce before correcting again. 18646 and later 18555 could provide support while 18756-18771 band could provide resistance in the near term.

Source : Election Commission of India

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