Daily Markets Wrap - Jan 6, 2022 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty closed lower after a four day winning streak on Jan 06 pulled lower by weak global cues. Nifty opened gap down prompted by weak US markets on the previous day. It made an intra day low at 1230 Hrs and started to correct upwards later. At close Nifty was down 1.0% or 179.4 points at 17745.9.

On a day when the volumes on the NSE were a little higher than recent average, Telecom index gained the most while Realty and IT indices fell the most. BSE Midcap and Smallcap indices closed flat.

Asian share markets slumped on Thursday after Federal Reserve meeting minutes pointed to a faster-than-expected rise in U.S. interest rates due to concerns about persistent inflation. European stocks opened Thursday with losses, as overseas traders had their first opportunity to react to minutes from the last Federal Reserve interest-rate setting committee.

Nifty fell as expected after a strong four day upmove. However the advance decline ratio is still at 1:1 suggesting broad market strength amidst selling in index heavyweights. Local traders are accumulating mid and smallcap stocks ahead of the Union budget and Corporate results for Q3FY22. 17828 will now be a resistance for the Nifty in the near term while 17640 will be a support.

Source : Equity Bulls

Keywords

DailyMarketsWrap HDFCSecurities Nifty