On June 8, the Indian market witnessed a volatile session, ultimately closing 0.5% lower following the Reserve Bank of India's (RBI) decision to keep interest rates unchanged. The central bank acknowledged that the fight against inflation was still not over, indicating a delicate balancing act in its policy approach. The RBI has maintained its GDP growth forecast for the fiscal year 2023-24 at 6.5%. Although the market initially showed upward movement after a lacklustre opening, the gains were erased in the afternoon session.
NIFTY: The index opened at 18,725 and made a high of 18,777 before closing at 18,634. Nifty has formed a long bearish candle, which indicates further weakness from current levels. Its immediate resistance level is now at 18,800 while support is at 18,500.
BANK NIFTY: The index opened 67 points lower at 44,208 and closed at 43,995. Bank Nifty has formed a bearish candle on the daily chart as selling pressure was seen at higher levels. Its immediate resistance level is now placed at 44,450 while support is at 43,700
Stocks in Spotlight
▪ Aether Industries: Stock jumps 5%, post signing a Letter of Intent (LoI) with a US-based leading global oil field services company. ▪ Tata Elxsi: Stock gains over 2% as the company partners with ISRO to enable the latter's Gaganyaan Mission.
▪ GATI: Stock jumps over 7% on strong volumes recorded in May.
▪ Markets in Europe and Asia traded mixed on Thursday as global markets appeared hesitant and lacked direction.
▪ The Bank of Canada surprised markets on Wednesday by hiking its rate to a 22-year high of 4.75%. ▪ Eurozone Q1 GDP contracts to -0.1% vs 0.1% Previous; 0.0% Est
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