Daily Market Update- Equity 15 June 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 15 June 2023

The benchmark Nifty index settled on a flat to positive note, closed shop at 18756 levels after adding 40 points to its previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets ended mix, Dow Jones was down 0.68% while S&P and Nasdaq ended on a flat to positive note
  • European equity markets settled on a flat to positive note
  • Majority of Asian equity markets are trading in green
  • SGX Nifty is little changed (as on 8:30AM)


News highlights from across the globe

  • Asian Equity markets are trading in green after U.S. equities inched higher as the Federal Reserve paused interest rate hikes but warned further increases this year remain on the table.
  • The dollar fell to trade near a one-month low, as the Australian dollar was among the largest gainers in major currencies against the greenback on Wednesday.
  • Brent crude fell to $73 a barrel and the yield on the 10-year U.S. bond was trading at 3.79%


Important news updates from the domestic front

  • HCL Technologies: HCL Tech and Google Cloud have expanded their partnership to support enterprises in leveraging generative artificial intelligence (AI) and developing joint solutions powered by Google Cloud’s generative AI technologies.
  • SJVN signed a memorandum of understanding with Maharashtra State Power Generation Company to develop 5,000 MW of renewable energy projects in the state. The partnership will explore the feasibility of establishing various renewable projects, including hydroelectric, pumped storage, wind, solar, hybrid, and green hydrogen projects.
  • IndiaMART InterMESH approved the reappointment of Dhruv Prakash as director liable to retire by rotation.
  • Reliance Communications: A delegate of the Australian Securities and Investments Commission was notified regarding the deregistration of Reliance Communications (Australia) PTY Ltd. with effect from 4 June.
  • Dilip Buildcon received a completion certificate for the rehabilitation and upgrade work of the Chandikhole-Bhadrak section of NH-5 in Odisha on hybrid annuity mode. The project cost was Rs 1,522 crore. DBL Chandikhole Bhadrak Highways Ltd. is now a subsidiary of the company.
  • DCW will produce lower soda ash by an estimated 6 KMT in the first quarter of fiscal 2023-2024 due to an unforeseen mechanical breakdown of the carbon dioxide gas compressor in its soda ash plant.
  • Reliance Industries, Panorama Studios: Panorama Studios entered into an agreement with Reliance Industries through its media and entertainment division, Jio Studios, for producing a movie.
  • Persistent Systems further strengthened its strategic relationship with Zscaler and achieved the Zenith partnership tier to assist in strengthening and modernizing security.


Nifty Overview & Outlook

The benchmark Nifty index settled on a flat to positive note, closed shop at 18756 levels after adding 40 points to its previous closing values.

Broader markets performed in line with the benchmark as Mid and Small cap index were up 0.25% & 0.12% respectively; resultant, market breadth was almost flat.

Performance on the sectoral front was mix. Amongst them, Nifty Metal and Oil & Gas Index were at the top of the tally, rose 1.42% & 0.91% respectively. On the other hand, Media index witnessed some selling pressure, fell over 0.5%.

Going ahead, we reiterate our bullish view on the Nifty index and we suggest traders to maintain buy on dips trading strategy till it is holding above 18400 levels on a closing basis.


Derivatives Overview & Outlook

Yesterday, Nifty, Banknifty and Finnifty futures remained almost unchanged on price front whereas on open interest front Nifty and Finnifty futures added around 6% & 14% of open interest while Banknifty futures shed around 1% of open interest.

Majority of F&O sectors settled higher. Amongst them, Telecom, Textile, Metals and Capital Good stocks witnessed maximum addition of long positions.

On options front, put writing was seen at multiple strikes along with call writing at multiple strikes and maximum positions are at 18700 PE and 18900 CE.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 1715 Cr in the cash segment, sold stocks futures worth Rs 608 Cr and bought index futures worth Rs 758 Cr. DIIs were net sellers in the cash segment to the tune of Rs 655 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty – Resistances 18880-19000; Supports 18740-18680

Banknifty – Resistances 44325-44550; Supports 44000-43750

Finnifty – Resistances 19540-19660; Supports 19380-19300


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