2023-06-20 07:59:55
MARKET VIEW FOR 20 JUNE 2023
GLOBAL VIEW
Yesterday, the US markets remained closed while Europe faced an energy crisis due to poor energy management and concerns over carbon emissions from coal-based energy sources.
Starting from October this year, a 50 percent tax will be imposed on coal-based energy. Certain east European countries attempted to extend the current arrangement until 2028, but their proposal failed, resulting in a decline in markets.
Asian markets are currently experiencing a downturn.
NIFTY50 & BANKNIFTY
The market is encountering difficulties near its all-time high levels. It may not be a wise decision to initiate new short trades after the market opens lower.
For a potential rebound to occur, the market needs to show a bounce today or tomorrow; otherwise, there is a possibility of positional shorts entering the picture.
One of the main concerns for the market is the BankNifty, which is experiencing significant resistance near its all-time high.
If the market is to recover, the BankNifty needs to participate actively.
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For queries contact: @teamthirstybulls
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