Market Commentary

Daily Markets Wrap - Jan 6, 2023 - HDFC Securities

Posted On : 2023-01-06 17:14:44( TIMEZONE : IST )

Daily Markets Wrap - Jan 6, 2023 - HDFC Securities

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

Nifty fell for the third consecutive session on Jan 06. At close, Nifty fell 0.74% or 132.7 points at 17859.5. Volumes on the NSE again fell suggesting indecision on the part of traders to trade. Broad market indices continued to bleed as advance-decline ratio remained low at 0.51:1.

Asian shares were mixed Friday after Wall Street benchmarks fell on worries that the U.S. Federal Reserve will keep raising interest rates. European stocks struggled to maintain gains on Friday as traders braced for US jobs data due later that will help chart the path forward for Federal Reserve monetary tightening.

Nifty almost tested the recent lows of 17779 and bounced up a little. On a weekly basis, Nifty lost 1.36% falling in 4 out of 5 weeks and gave up almost the entire gains of the previous week. Nifty on breaching the recent lows of 17779 could head towards 17429 while 18105 could act as a resistance in the near term.

Source : Equity Bulls


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