After a three-day streak of gains, the market reversed its momentum today with Nifty ending below 18,700. The downturn was triggered by a hawkish statement from the US Federal Reserve, which suggested the likelihood of two additional interest rate hikes by end of the year. This announcement unsettled global markets as the Federal Reserve had previously signaled a pause in rate hikes during its meeting earlier this month.
NIFTY: The index opened 19 points higher at 18,774 and made a high of 18,794 before closing at 18,688. Nifty has formed an Engulfing Bear candlestick pattern, which has bearish implications. Its immediate resistance level is now placed at 18,800 while support is at 18,550.
BANK NIFTY: The index opened 66 points higher at 44,054 and closed at 43,443. Bank Nifty has formed a strong bearish candle indicating a downward trend, as the market experienced sustained selling pressure throughout the day. Its immediate resistance level is now placed at 43,750 while support is at 43,300.
Stocks in Spotlight
▪ GR Infraprojects: Stock gained 2.6% after the company emerged as the lowest bidder for a National Highways Authority of India project.
▪ Cochin Shipyard Ltd: Stock rose 1.5% after its subsidiary bagged a Rs 580-crore order from a Norwegian firm for cargo vessels.
▪ Godrej Properties Ltd: Stock surged 4% after the developer announced that it would acquire land for a luxury residential project in Kolkata.
▪ Europe Gas Futures jump as Netherlands gets set to close Europe’s biggest Gas Field in 2023.
▪ China's economy encountered hurdles as both industrial output and retail sales growth fell short of expectations.
▪ Zepz, a fintech company with a valuation of $5 billion, is aiming to compete against rivals such as PayPal by introducing a digital wallet and pursuing M&A strategies.
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