Market Commentary

Daily Markets Wrap - Oct 28, 2022 - HDFC Securities

Posted On : 2022-10-28 22:09:39( TIMEZONE : IST )

Daily Markets Wrap - Oct 28, 2022 - HDFC Securities

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

Nifty rose for the second consecutive session on Oct 28 after a see-saw session. Nifty opened higher and made an intra day high at 1015 Hrs. It later fell to make an intra day low at 1355 Hrs. A late recovery followed. At close, Nifty was up 0.28% or 49.9 points at 17786.8.

Volumes on the NSE were lower than the recent average. Among sectors, Auto & Oil & Gas indices rose the most while Metals and Bank indices fell the most. Broad market indices ended in the negative even as the advance decline ratio fell to 0.65:1.

Asian stock markets were mostly lower on Friday as Chinese cities - Guangzhou and Wuhan - introduced new COVID-19 curbs, while a broader rout in technology stocks spilled over into Asia after a slew of weak earnings from U.S. heavyweights. European equities retreated as investors digested a flurry of corporate earnings after disappointing results from US tech giants and rising fears of a global recession and expectations of monetary policy tightening amid slowing economic growth dampened sentiments.

Nifty moved above the high-low range of the previous three sessions and closed at the highest in more than 5 weeks. Sectoral rotation is keeping the Nifty afloat in volatile times. On a weekly basis, Nifty gained 1.20% building on the gains of the previous week. Nifty could now head towards 17838-17919 band while 17568-17637 band could offer support.

Source : Equity Bulls


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