Daily Markets Wrap - Dec 19, 2022 - HDFC Securities

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

Nifty snapped a two day losing streak on Dec 19 going against the weak Asian cues. It closed 0.83% or 151.5 points higher at 18420.5. Volumes on the NSE were the lowest in almost a month. Broad market indices rose less than the Nifty even as the advance decline ratio improved sharply to 1.51:1.

IT stocks continued their downfall for the third consecutive session, while Auto and FMCG stocks attracted buying.

Asia's stock markets made a wobbly start to the final full trading week of 2022 while other global stocks attempted to recover from two weeks of losses sparked by concern that continued policy tightening by the US Fed and other central banks would trigger economic recession and hit companies' profits.

Nifty could now rise in this corrective move to 18496, while 18319 could offer support. Volumes could remain low as more and more participants are on year end holiday.

Source : Equity Bulls

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