On June 22, the Nifty fell 0.45%, wiping out the gains made in the previous two days. The fall was in sync with global markets, as Federal Reserve Chair Jerome Powell continued to indicate the possibility of two additional interest rate hikes to address inflation concerns. Majority of the sectoral indices closed in the red.
NIFTY: The index opened flat at 18,853 and made a high of 18,886 before closing at 18,771. Nifty has formed a bearish candle on the daily chart, indicating weakness in the near term. Its immediate resistance level is now placed at 18,900 while support is at 18,660.
BANK NIFTY: The index opened flat at 43,874 and closed at 43,724. Bank Nifty has formed a bearish candlestick pattern with a long upper shadow on the daily chart, indicating selling pressure at higher levels. Its immediate resistance level is now placed at 44,000 while support is at 43,500.
Stocks in Spotlight
▪ Sula Vineyards: Stock gained in early trade on Thursday as Quant Mutual Fund picked up a 0.66% stake in India’s largest wine producer.
▪ L&T Ltd: Stock hit a 52-week high on DRDO contract for AIP System Modules for Indian Navy submarines.
▪ NMDC: Stock slipped 0.94% after Life Insurance Corporation trimmed its stake in the state-run company by 2%.
▪ European markets traded lower on Thursday as the Bank of England opted for a more hawkish 50 bps rate hike.
▪ Asia-Pacific markets were mixed after US Federal Reserve Chairman Jerome Powell forecast more rate hikes this year.
▪ Shares of UK online supermarket, Ocado, soared on talk of Amazon bid interest.
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