Market Commentary

Daily Markets Wrap - Jan 3, 2022 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities



Posted On : 2022-01-03 21:08:10( TIMEZONE : IST )

Daily Markets Wrap - Jan 3, 2022 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty began the new calendar year on a positive note on Jan 03. Nifty opened with a small gap up and kept rising steadily till about 1435Hrs. Nifty scored the biggest single day point gain in almost three weeks. At close Nifty was up 1.57% or 271.6 points at 17625.7. In the process, Nifty was the top performer in the Asian region.

On a day when the volumes on the NSE fell back to recent averages, Realty, Oil & Gas, Metals, Capital Goods and Bank indices gained the most while Healthcare was the only index that ended in the negative. BSE Smallcap index rose 1.19% while Midcap index gained 1.10%.

A gauge of activity across India's manufacturing sector expanded but at a slower pace than the previous month. The IHS Markit India Manufacturing Purchasing Managers' Index stood at 55.5 in December against 57.6 in November.

Singapore's government announced its economy grew by 7.2% last year, rebounding from the previous year's 5.4% contraction.

Asian stock markets were largely up (except Hongkong) Monday on 2022′s first trading day. European shares hit all-time highs on Monday, starting the year in an upbeat mood on hopes of steady economic recovery despite a surge in COVID-19 cases due to the Omicron variant.

Nifty has reached a key resistance level in the sharp upmove seen lately. 17697-17758 could be a key resistance area for Nifty while 17379 is a key support. Daily technical indicators are overbought and may need cooling down by consolidation / correction.

Source : Equity Bulls

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Nifty DailyMarketsWrap HDFCSecurities