NIFTY BANKNIFTY OUTLOOK & STOCKS FOR 20 JUNE 2023

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Nifty opened positively and attempted to scale new life highs but failed, leading to increasing pressure throughout the trading session. The index was observed making new lows on every hourly candle, followed by a small drop towards the end of the trading session. The index has formed a dark cloud cover on the daily charts depicting a small reversal pattern, suggesting further downtrend to 18600 visible once it breaks today's low in the next trading session. Domestic indices hit 52-week high amid weak global signals. Nifty posted an intraday profit after the open. However, the index was able to partially recoup some losses and closed in negative territory with a loss of 71 points at 18755 points. At the sector level, it was a mixed picture with PSU Bank, IT and Financial Services being the top performers. Nifty was just a tap away from its all-time highs as the index failed to sustain higher levels despite volatility. The focus remains on geopolitics this week as the US Secretary of State is due to meet the Chinese President today. While the Indian Prime Minister is due to visit the US later this week, it should result in defense deals and a strengthening of trade ties. Niche sectors such as insurance and pharmaceuticals could remain in focus after showing signs of recovery in their respective monthly data. NBFC is also in focus after slowing inflation and the recent interest rate pause. On the intraday charts, the Nifty is maintaining a higher high and higher low series formation, supporting further upside from the current levels. For traders, 18700 would act as an untouchable support level. Above that, the index could retest the 18860-18,900 level. On the other hand, traders below 16875 may prefer to exit the trade long positions as the index could slip as low as 18650-18625.

STOCKS SUGGESTION TO TRADE ON 20 JUNE 2023

ADANIINT  ICICIPRULI IRCTC METROPOLIS NMDC PEL SHRIRAMFIN BHEL DRREDDY HAL

PERFORMANCE OF STOCK FOR 19 JUNE 2023

YESTERDAY TATACOMM WAS THE 1ST STOCK WE HAVE SUGGESTED IN OUR STOCK PICKS FOR TODAY TO CHECK VISIT HERE

ASHOKLEY SUGGESTED FOR TODAY , UP BY 3%

MCX up by 2%

HDFCLIFE up by 3%

The securities quoted are for illustration only and are not recommendatory . Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Resistance: 18800, 18850, 18900

Support: 18700, 18600, 18500