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The domestic indices rebounded after an initial phase of profit booking, driven by encouraging WPI inflation data and positive global cues, while selling in IT and banking stocks kept a check on gains. The favourable decline in US inflation, driven by lower energy prices, and speculation about a potential pause in the Fed rate hike campaign, brought comfort to global equities. However, the persistence of higher core inflation levels may compel the Fed to maintain its hawkish tone during today’s policy announcement with indication of a prolonged pause. Market ended Wednesday’s session in green. The Nifty 50 rose 39 points to 18755 and Sensex gained 85 points to 63228. Bank Nifty fell 91 points to 43988. Looking at the daily charts, we can observe that the Nifty managed to close in positive territory for the third straight day. It is slowly rising towards the previous swing high of 18778 which, once broken, will lead to another uptrend. The hourly and daily momentum indicators provide different signals that are likely to reconcile once we get a decisive move on either side. Interestingly, the bank ended Nifty in the red today. Overall, the uptrend is intact and we expect it to reach the 18800 level in the near term. In terms of levels, 18750 -18700 will act as the crucial support zone, while 18800 18850 is expected to act as the immediate hurdle zone. As for Bank Nifty, the index closed in the red today. Trading ranged tightly around the 20-day moving average (44,000). We expect Bank Nifty to hold this support and continue its uptrend. The short-term target is 44500.
STOCKS SUGGESTION TO TRADE ON 15 JUNE 2023
PERFORMANCE OF STOCK FOR 14 JUNE 2023
YESTERDAY TATACOMM WAS THE 1ST STOCK WE HAVE SUGGESTED IN OUR STOCK PICKS FOR TODAY TO CHECK VISIT HERE
TATACOMM ROCKS WAS UP BY 4% ✌🏻✌🏻
OFSS SUGGESTED BY US WAS UP BY 3% ✌🏻✌🏻
TRENT UP BY 2%
UBL UP BY 1.5%
DALBHARAT UP BY 2%
L&TFH UP BY 2.09%
CONCOR UP BY 2%
ASTRAL DOWN BY 2%
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