Marketbuzz podcast with Sonal Bhutra: Global markets indicate an opening in the red for Sensex, Nifty

We are seeing some negative cues coming in from the global markets today, June 22, 2023. US markets fell for the third-straight day and this was fuelled by the fact that US Fed chair spoke about more rate hikes by the end of this year, pouring some cold water on expectations that the era of tightening was at least over for now, but it hasn’t.

The futures are flat right now, but we do have Asian markets largely shut in trade today. Hang Seng, Taiwanese index and Chinese market are shut for a holiday, but Nikkei and Cosby are higher in trade. This is something we are tracking closely.

SGX Nifty is indicating that the start for our own markets could be in the red.

So very close to record high, but this testimony from Jerome Powell is something that could keep the market moves under some lid.

The Bank of England will announce its policy decision today, an important event to track as well for our own markets.

Meanwhile, on Wednesday, we posted record close, led by HDFC HDFC Bank, TCS, and Reliance. All these heavy weights, Sensex, Nifty and midcap index ended at record closing highs and midcap index posted record closes for the 12th-straight session. Major buying was seen in financial services, especially the NBFCs.

So now at this level, the immediate support for Nifty is at 18800 and the immediate resistance is at 19000. So if Nifty crosses that level, there could be some more rally above these levels.

Nifty midcap 100 and small cap 100 gained for the eighth-straight session, so that continues to be in focus as well.

The broader markets are doing well on the benchmark, there could be some pause today in terms of a rally because the global markets are suggesting the same.

Tune in to the Marketbuzz Podcast for more cues and news ahead of today’s session