Mr. Deepak Jasani, Head of Retail Research, HDFC Securities.
Nifty clocked fresh all time highs on Nov 28 going against the global cues. Progressive and prudent macro policies, resilient corporate earnings in Q2FY23, robust tax collections, early signs of recovery in IIP and GDP and first signs of cooling inflation have all excited investors including FPIs to keep pumping money into the markets. Nifty finally closed 0.27% of 50 points higher at 18562.7 after touching a high of 18614. Broad markets outperformed in terms of gains and A/D ratio. Global stock markets traded lower after a series of protests in China over the weekend, against strict mobility restrictions to combat the country's ongoing COVID outbreak, hit sentiment and threatened to weigh on economic activity. Nifty can make one more attempt to cross and close above the 18604 levels in the near term. Better global market trajectory could help in this regard. 18442 could be the support.