Stock market today: Trade setup for Nifty 50 to US Fed meeting, eight stocks to buy or sell on Thursday — June 13
Stock market today: Despite mixed trends from the global markets, the Indian stock market snapped two days fall and ended higher on Wednesday. The Nifty 50 index 58 points and closed at 23,322 while the BSE Sensex scaled 149 points and finished at 76,606. The Bank Nifty index ended 189 points higher at 49,895.
Among the frontline indices, the Nifty 50 index touched a new peak of 23,441. Cash market volumes on the NSE fell minorly to ₹1.20 lakh crore. The broad market indices rose more than a percent even as the advance-decline ratio rose to 2.05:1.On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The overhead resistance of key Fibonacci extension, opening upside gap of 4th June, Upward sloping resistance line are intact around 23400-23500 levels.
If this hurdle is not taken decisively on the upside, one can't rule out the possibility of a downward correction. Immediate support is at 23200 levels, and a move below this area is likely to trigger a quick selloff in the market."Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 13On the outlook for Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities, said, "Bank Nifty continued to trade within a sideways range with a positive bias, settling at 49,895.10, up 0.38%. It sustains above the short-term moving average.
Over the past three sessions, Bank Nifty has formed doji candles on the daily timeframe. The trend would become clearer if it moves above 50,300 or below 48,900. If these levels are not breached, the index might consolidate within this range for the next session."Speaking on the impact of the US Fed meeting outcome, Anuj Gupta, Head of Commodity & Currency at
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