On June 23, the benchmark indices closed lower for the second consecutive session, with the Nifty falling below 18,700. Selling was observed across various sectors, influenced by weak global cues. Markets opened on a weak note and maintained a downward trend throughout the day. Although a modest recovery was seen in the second half day of the day, last-hour profit booking pushing the indices closer to the day's lowest point.
NIFTY: The index opened 30 points lower at 18,741 and made a high of 18,756 before closing at 18,665. Nifty has formed a bearish candlestick pattern on the daily chart for second consecutive session. Its immediate resistance level is now placed at 18,760 while support is at 18,550.
BANK NIFTY: The index opened 83 points lower at 43,641 and closed at 43,622. Bank Nifty has formed a Doji sort of candlestick pattern on the daily chart, indicating a tug-of-war between the bulls and bears. Its immediate resistance level is now placed at 44,000 while support is at 43,500.
Stocks in Spotlight
▪ Adani group stocks tumbled today on reports of the conglomerate facing further scrutiny by the US attorney's office and market regulator SEC (Securities & Exchange Commission).
▪ Aurobindo Pharma: Stock gained 4% after one of its subsidiaries entered into a sub-licensing pact with Medicines Patent Pool for Nilotinib Capsules.
▪ PNB Housing Finance Ltd: Stock fell over 3% after the company's board approved raising up to Rs 5,000 crore.
▪ Stock markets in Europe and Asia fell on Friday as investors became increasingly worried that more interest rate hikes by central banks would tip major economies into a prolonged recession.
▪ Gold hovered near a 3-month low on Friday and was set for its biggest weekly drop since February, while the dollar strengthened.
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