Markets may see another day of declines today

23 Jun 2023 , 09:03 AM

Indian stock markets may see yet another day of decline after touching its all-time high just 2 days ago. Yesterday, markets closed on a sluggish note.

Globally, US markets closed marginally higher after US Fed Chair Jerome Powell closed his testimony. Dow Jones closed flat. Nasdaq closed 128 points higher. S&P 500 ended the day with a gain of 16 points. 

Most of the Asian equities are trading with declines. Chinese Shanghai Composite closed 1.31% lower. Hong Kong’s Hang Seng is trading lower by 1.88%. Japan’s Nikkei 225 closed 1.63% lower. Taiwan index closed down by 0.10%. South Korean ‘Kospi’ is trading with a downside of 0.72% so far.

Nifty Bank index closed 0.31% lower yesterday. Midcap 50 stocks wrapped up 1.21% lower. All sectoral indices were in red.

Divis Lab, Larsen & Toubro, Tata Steel, HDFC, and HDFC Bank were the biggest gainers on the nifty index on Thursday. Bajaj Finance, Tata Consumer, Asian Paints, Tata Motors, and Power Grid were the top laggards.

Oil prices changed slightly in Friday’s early trade but may drop over 3% as the UK hiked interest rates more than expected. The Indian rupee appreciated about 5 paise against the greenback to close at 81.96/$.

Technical View: Nifty finds support around 18700, while 18950 will act as resistance. Bank Nifty finds support around 43600, while 44300 will act as resistance on the upside.

Trading call:(1-14 days) BUY Berger Paint June future @ 666-669, stop loss 653.7 & target 687

Derivative call-time period: (1 month) BUY DLF June future @ 480-483, stop loss 471.45 & target 493