Daily Markets Wrap - Jan 7, 2022 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty opened gap up on Jan 07 and rose till 1045 Hrs. It later fell to make an intra day low at 1245 Hrs. A slow recovery ensued. At close Nifty was up 0.38% or 66.8 points at 17812.7.

On a day when the volumes on the NSE were higher than recent averages, Oil & gas, Metals and FMCG indices rose the most while Capital Goods, Telecom and Healthcare lost the most. BSE Midcap index rose 0.54% while Smallcap index rose 0.43%.

Asian shares mostly rose on Friday, snapping two days of losses as investors waited to see if U.S. payroll numbers alters the pace of interest rate hikes expected from the Federal Reserve this year. European bourses open mostly flat to higher on the day but quickly edged into negative territory, with investor focusing on inflation data for the euro zone and U.S. jobs data due later in the day for clues on the pace of policy tightening.

Nifty logged the best week in 4 months rising 2.6%. Nifty on daily charts however has formed a long legged doji with slightly upward bias. Volume pickup and positive advance decline ratio portend well for the near term. 17944-17655 could be the range for the Nifty in the near term.

Source : Equity Bulls

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