Daily Markets Wrap - Oct 25, 2022 - HDFC Securities

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

Nifty fell on Oct 25, breaking a 7 day winning streak, weighed down by mixed global cues. Nifty opened flat and kept falling gradually through the day to close near the intra day low. At close Nifty was down 0.42% or 74.4 points at 17656.4.

Among sectors, Capital Goods, Auto and Metals indices rose the most while FMCG, Telecom and Realty indices fell the most. Midcap index outperformed, rising 0.45% even as the advance decline ratio came in at 0.61:1.

Asian equities were largely down to new 2-1/2-year lows on Tuesday as early gains inspired by a rally on Wall Street on hopes the Federal Reserve could be nearing the end of aggressive rate increases were offset by weakness in Chinese shares and the yuan. Uncertainty over whether Xi Jinping's new leadership team would prioritise economic growth also weighed on the minds of investors. European stocks pared early gains on Tuesday, even as investors took confidence from signs that the U.S. Federal Reserve could slow down its rate increases.

Nifty fell on the 8th day of the upmove filling the upgap made on the previous session. As expected, Nifty is undergoing a small pullback after the recent rise. 17778-17811 could be the resistance for the Nifty in the near term while 17568-17584 band could provide support.

Source : Equity Bulls

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