POST-MARKET SUMMARY 22 June 2023
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%.
Global News
▪ 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.
This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as
i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or
ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or
iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and / or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.
With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.