Market Commentary

Daily Markets Wrap - August 17, 2022 - HDFC Securities

Posted On : 2022-08-17 20:25:59( TIMEZONE : IST )

Daily Markets Wrap - August 17, 2022 - HDFC Securities

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

Nifty rose on Aug 17 for the seventh consecutive session aided by positive global cues. Nifty opened higher and kept rising through the day to end almost at the intra day high. At close Nifty was up 0.67% or 119 points at 17944.3.

Volumes on the NSE were on the higher side compared to the recent average. Among sectors, Telecom, Consumer Durables and IT indices rose the most while Auto and Capital Goods indices fell the most. Midcap and Smallcap indices rose less than the Nifty but advance decline ratio was positive at 1.57:1.

Asian shares were mostly higher Wednesday as regional markets looked to strong economic signs out of the U.S. and China as drivers of growth. European markets decline ahead of preliminary GDP for Euro Zone, unemployment and post the UK inflation number. U.K. consumer prices rose by 10.1% in the 12 months to July, more than the 9.8% expected and at a new 40-year high. New Zealand raised its key interest rate by another half-percentage point to 3% and sees it climbing to at least 4%, cementing the central bank's place at the forefront of global tightening.

Markets are less than 4 percent off their life time highs. Nifty continues its relentless rise and is currently outperforming global markets. Though there are no signs of reversal, the current uptrend is mature. On upmoves 18114 could act as a resistance while 17719 is a support.

Source : Equity Bulls


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