HOW NIFTY WILL PERFORM ON WEDNESDAY 14 JUNE 2023 ?🤔

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Towards the end, markets staged a spectacular rally as bullish bets on real estate, metals and oil & gas stocks helped Sensex close above the 63k mark. Moderate inflation and strong IIP growth numbers coupled with expectations that the US Federal Reserve could hold interest rates steady at this week's FOMC meeting boosted sentiment. The market closed higher for the second consecutive day on June 13 with Nifty above 18700. At the close, the Sensex was up 418 points to 63143 and the Nifty was up 114 points to 18716. Nifty opened on a strong note after taking cues from the strong global markets. The index attempted to gain momentum throughout the day but struggled with a consolidated move over the next several hours. The second half of the trading session brought renewed momentum to Nifty, which surpassed 18710 with relative ease and closed near the daily high. Technically, the daily chart's Nifty has formed a bullish candle, which is largely positive. For bulls, 18650 would act as an untouchable support zone. As long as the index trades above this level, the positive sentiment is likely to last through 18750-18850. However, below 18650 the uptrend would be vulnerable and traders may choose to exit the long positions.

Resistance: 18750, 18850, 18950

Support: 18650, 18550, 18450