Market Commentary

Daily Markets Wrap - Jan 3, 2023 - HDFC Securities

Posted On : 2023-01-03 22:16:08( TIMEZONE : IST )

Daily Markets Wrap - Jan 3, 2023 - HDFC Securities

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

Nifty rose for the second consecutive session on Jan 03 after recovering from pre-noon losses. At close Nifty was up 0.19% or 35.1 points at 18232.6. Volumes on the NSE are yet to see a pick up. Advance decline ratio fell but was above 1:1 at 1.36:1. Non-bank financials had a field day on rotational buying.

Global stock markets rose on Tuesday amid growing expectations that U.S. interest rates will rise at a slower pace this year and on optimism that China's Covid infections may have peaked.

Nifty has shown gradual upmove over the past two days with minimal intra day range. This denotes lack of conviction on either side by the participants though positive bias prevails for the time being. A move above 18265 could result in a faster upmove. On the other hand a breach of 18080 could lead to fresh downmove.

Source : Equity Bulls


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