Daily Markets Wrap - Dec 14, 2022 - HDFC Securities

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

Nifty rose for the second consecutive session on Dec 14, in line with most Asian markets that were up. After a volatile session, Nifty closed 0.28% or 52.3 points higher at 18660.3. Sharp fall in WPI inflation for November also helped sentiments. Broad market indices rose more than the Nifty even as the advance decline ratio was up at 1.35:1.

Stocks rose Wednesday in Asia after a rally on Wall Street spurred by news that inflation in the U.S. cooled more than expected last month. European stocks opened lower as investors debated whether inflation had eased enough to encourage the Federal Reserve to slow monetary tightening.

India's wholesale inflation fell to a 21-month low of 5.85 percent in November, a huge 470 basis points lower than what it was just two months ago. WPI inflation stood at 8.39 percent in October and 14.87 percent in November 2021.

Nifty has formed a doji after a two day rise suggesting indecision ahead of the crucial US Fed meet which ends today. Outcome of the meet could decide the near term trend of the global markets including India. 18696-18729 band could offer resistance to the Nifty on the upmoves, while 18410-18490 band could offer support.

Source : Equity Bulls

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