Daily Markets Wrap - Jan 10, 2022 - HDFC Securities

Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty rose for the second consecutive session on Jan 10 and closed above 18000. Nifty opened gap up and stayed in a band for better part of the day and later closed at almost the high of the day. At close, Nifty was up 1.07% or 190.6 points at 18003.3. In the process, Nifty was the best performing index in Asia.

On a day when the volumes on the NSE were in line with recent averages, Realty, Power, Capital Goods, Banks and Auto indices gained the most. BSE Smallcap index rose 1.19% while Midcap index rose 0.69%.

Citi has downgraded India's GDP forecast from 9.8 percent to 9 percent on the back of slower economic momentum in Q3, Omicron uncertainty.

Global stock markets struggled on Monday as U.S. Treasury yields reached a new two-year high and investors fretted about the prospect of rising interest rates and a surge in COVID-19 infections. Asian markets were mixed while European markets were nominally lower.

Nifty rose well on Jan 10. Advance decline ratio was also well into the positive territory suggesting broad market gains. 17812-17905 is the support for the Nifty in the near term, while 18109 could be a resistance.

Source : Equity Bulls

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DailyMarketsWrap HDFCSecurities Nifty