Market Commentary

Daily Markets Wrap - Jan 4, 2023 - HDFC Securities

Posted On : 2023-01-04 17:53:53( TIMEZONE : IST )

Daily Markets Wrap - Jan 4, 2023 - HDFC Securities

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

Nifty fell after a two day rise on Jan 04. Nifty at close was down 1.04% or 189.6 points at 18042.9. Metals and BFSI stocks came under severe selling pressure reversing the gains of previous few sessions. Broad market came under severe pressure as A/D ratio fell to 0.42:1.

European stocks ticked higher while Asian markets were mixed on Wednesday, as investors looked ahead to the release of fresh US jobs and manufacturing data, hoping for hints on the future path of interest rates apart from minutes from the U.S. Federal Reserve's last meeting. News that China is considering further support for property developers and is mulling an end to a ban on Australian coal also helped sentiments.

The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 56.4 in November to 58.5 in December, highlighting the strongest rate of expansion since mid-2022. Rising from 56.7 in November to 59.4 in December, the S&P Global India Composite PMI Output Index indicated the quickest growth since January 2012.

Nifty has made a lower top at 18265 on an intermediate basis. It could now retest the recent bottom of 17774 over the next few days, while 18080 could now act as a resistance.

Source : Equity Bulls


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