Market Commentary

Daily Markets Wrap - Dec 7, 2022 - HDFC Securities

Posted On : 2022-12-07 19:55:34( TIMEZONE : IST )

Daily Markets Wrap - Dec 7, 2022 - HDFC Securities

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

Nifty closed lower for the second consecutive session on Dec 07 after RBI monetary policy committee's decision to hike interest rates by 35 bps to 6.25%. Nifty after rising in the first hour of trade, fell making lower tops lower bottoms through the day. It closed 0.44% or 82.25 points lower at 18560.5. Broad market indices fell in line with the Nifty even as advance decline ratio ended at 0.65:1.

World stocks eased on Wednesday after a chorus of Wall Street bankers warned about a likely recession ahead, tempering optimism about China's major shift in its tough zero-COVID policy. Poor China trade data for November also did not help matters.

Nifty is now headed towards 18442 in the near term. On upmoves 18591 could offer resistance.

Source : Equity Bulls


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