POST-MARKET SUMMARY 19 June 2023
The equity markets closed in the red on June 19, amid significant volatility due to a combination of weak global market conditions and selling pressure across various sectors. Although the Nifty hit record-high levels in early trade, profit-booking subsequently led to the erasure of the early gains, resulting in a finish near the day's lowest point.
NIFTY: The index opened 47 points higher at 18,873 and made a high of 18,881 before closing at 18,755. Nifty has formed a Dark Cloud Cover pattern, which is a bearish sign. Its immediate resistance level is now placed at 18,900 while support is at 18,690.
BANK NIFTY: The index opened 77 points higher at 44,015 and closed at 43,633. Bank Nifty has formed a Bearish candlestick and is trading below its 20 EMA on daily closing basis. Its immediate resistance level is now placed at 44,000 while support is at 43,250.
Stocks in Spotlight
▪ Axiscades Technologies Ltd: Stock was locked in at 5% upper circuit after the technology firm’s board approved the acquisition of a German firm.
▪ Shriram Finance Ltd: Stock surged over 5% after a large block deal took place on the exchanges. Around 99.2 lakh shares or a 2.65% stake in the company changed hands in the block deal window at Rs 1,401.15/share.
▪ Asian Energy Services: Stock scaled to 52-week high of Rs 131.80 after the company received a Letter of Award (LoA) from ONGC for 3D seismic data acquisition services in Gujarat.
Global News
▪ Gold prices dip on Monday as the US dollar strengthens. The decline came as investors evaluate the future trajectory of interest rates after looking at the US Federal's hawkish stance.
▪ Oil prices fall by more than $1, reversing the gains observed in the previous week. This downturn was primarily driven by concerns regarding China's economy, which outweighed the positive effects of output cuts by OPEC+
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