Daily Markets Wrap - Dec 30, 2022 - HDFC Securities

Nifty after a flat start accelerated the downfall in the last half hour and ended in the negative. At close Nifty closed 0.47% or 85.7 points lower at 18105.3. Volumes on the NSE continued to be on the lower side. Broad market indices outperformed ending in the positive as the A/D ratio was up at 1.8:1.

World stocks were mixed (Europe down and Asia mostly up) on the last trading day of the year as markets digested U.S. data and the dismantling of China's zero-COVID policy. India's poor CAD number for fiscal second quarter weighed on the minds of participants.

Nifty formed a bearish Dark cloud cover pattern on daily charts. However on weekly charts, Nifty closed in the positive (higher by 1.68%) after a three week fall. 17774 now becomes an important support level to track. On upmoves, 18255-18473 band remains a crucial resistance. Over the calendar year 2022, Nifty gained 4.3%, while for the month of December, it closed 3.5% in the negative.

Source : Equity Bulls

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