Daily Markets Wrap - Dec 22, 2022 - HDFC Securities

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

Nifty fell for the third consecutive day on Dec 22, falling straightaway after an upgap open. After a feeble recovery post 1250 Hrs, Nifty finally closed 0.39% or 71.8 points lower at 18127.4. Broad market indices once again fell more than the Nifty even as advance decline ratio remained low at 0.23:1.

Global equities mostly rose for the third day, as better-than-expected US consumer confidence data and China's renewed pledge to prioritize economic growth lured more investors back into stocks and other riskier assets.

Nifty is feeling pressure on rises as investors rush to take profits and raise cash ahead of the month, quarter and calendar year end. It is now reversing its outperformance vis-à-vis the other markets. Nifty could gradually fall to 17839 on the downside while 18244-18340 could be tough to cross in the near term.

Source : Equity Bulls

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