NIFTY BANKNIFTY OUTLOOK & STOCK PICKS FOR 22 JUNE 2023

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Although the domestic market hit record highs, it failed to continue its upward trend due to prevailing concerns about global issues and a delayed monsoon. Additionally, consecutive days of net selling by FIIs exacerbated market volatility while mid-cap stocks maintained steady gains. Meanwhile, global market sentiment was dampened as UK CPI inflation came in higher than expected, hurting investor confidence. It is solely the positive domestic fundamentals reflected in the markets that propelled the Sensex to a new lifetime high and pushed the Nifty closer to breaching its previous high. As global macro headwinds continue, both domestic and foreign investors will continue to place heavy bets on local equities as growth parameters improve. The rally failed to gain momentum as investors traded cautiously ahead of the Federal Reserve Chair's testimony before the US Congress later today. Benchmark indices closed higher on June 21, with Nifty at around 18,850. Finally, the Sensex was up 195 points, to 63523 points and the Nifty was up 40 points, to 18,856 points. About 1,672 shares rose, 1,750 shares fell, and 118 shares were flat. Technically, the Nifty is showing higher bottom formation on the intraday charts, which is broadly positive. For traders, 18800 would be the key support level to watch out for and beyond that, the index could rally to 18900-19000. However, a quick short-term correction is not ruled out if the index trades below 18775 and slides to 18750-18700.

STOCKS SUGGESTION TO TRADE ON 22 JUNE 2023

AUBANK COFORGE PNB LUPIN GNFC COROMONDEL  MANAPPURAM INDUSTOWER MARUTI NATIONALUM POWERGRID

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Resistance: 17400, 17500, 17600  

Support: 17300, 17200, 17100