Daily Markets Wrap - Dec 26, 2022 - HDFC Securities

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

Nifty recovered on Dec 26 after a three-day losing streak. Holidays in most global equity markets gave a chance to traders to ramp up stock values in India amidst low volumes. Nifty closed 1.17% or 207.8 points higher at 18014.6. Broad market indices rose more than the Nifty while the advance-decline ratio jumped to 5.43:1. Defensive stocks underperformed while cyclicals bounced up smartly.

Bank of Japan Governor Haruhiko Kuroda indicated in a widely watched speech Monday that the Japanese central bank does not intend to alter its longstanding policy of monetary easing to cope with pressures from inflation on the world's third-largest economy. This soothed sentiments to an extent.

Nifty bounced up well on Dec 26 and filled the downgap made on Dec 23, thus nullifying extreme bearishness. It could now face resistance at 18127 and take support at 17899 in the near term. Volumes could continue to be on the lower side as a lot of participants are on year-end holiday.

Source : Equity Bulls

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