HOW NIFTY WILL PERFORM ON FRIDAY 8 JUNE 2023 ?🤔

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Global markets were mixed on Thursday as negative sentiments arising out of expectations of further interest rate hikes by major central banks and the fact that Eurozone has entered recession after its Jan-Mar GDP fell 0.1% was offset by optimism over more Chinese stimulus measures. Nifty closed lower after a volatile June 8 session dragged down by weak global signals. At the close, Nifty was down 0.49% or 91 points to 18634. Investor sentiment deteriorated following the RBI's related policy announcement as the market had higher expectations of a more optimistic revision to the inflation outlook given the recent easing in inflation data. The RBI's decision to cut inflation The rate's drop of just 10 basis points suggests a cautious stance on geopolitical uncertainties, the potential impact of El Niño and a rise in the minimum support price. Volumes on the NSE continued to be higher. India’s southwest monsoon, which waters more than half of India's farmland, has arrived over Kerala on June 8, Thursday, according to the Indian Meteorological Department after a one-week delay.Nifty formed a near Engulfing Bear pattern on daily charts. It could now face resistance from 18780, while 18525 could act as a support. In case the Nifty closes below this support on Friday, it could result in Engulfing Bear pattern on weekly charts and the downtrend could gather momentum.