Daily Markets Wrap - Dec 16, 2022 - HDFC Securities

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

Nifty fell for the second consecutive session on Dec 16 pulled down by weak global cues. Large day-end trades resulted in volumes touching a multi-week high. Nifty finally closed 0.79% or 145.9 points lower at 18269. Broad market indices fell more even as the advance-decline ratio remained low at 0.49:1.

IT sector continued to face selling pressure as Nasdaq keeps getting sold off. Realty stocks came under selling pressure as rising rates could dampen demand for properties.

Global markets were largely down as investors were worried that the resolve of central banks to continue their fight against inflation could tip the economy into a recession.

Nifty lost 1.23% over the week and looks set to continue its down move. 18088-18133 band is the next support while 18442 could be tough to breach in the near term.

Source : Equity Bulls

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