Market Commentary

Daily Markets Wrap - Jan 9, 2023 - HDFC Securities

Posted On : 2023-01-09 19:04:55( TIMEZONE : IST )

Daily Markets Wrap - Jan 9, 2023 - HDFC Securities

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

Nifty broke a 3 day losing streak on Jan 09 aided by positive global cues. At close, Nifty was up 1.35% or 241.8 points at 18101.2. Volumes on the NSE continued to be on the lower side. Broad market indices ended in the positive outperforming the Nifty and the advance decline ratio was up at 1.52:1. IT stocks did well following overnight gains on the Nasdaq and ahead of TCS quarterly numbers in the evening.

Asia's benchmark stock index was on track to enter a bull market compared to Oct 24 low, as China's reopening and a weakening dollar lure investors back to the region. European stocks rose on Monday, as investors bet that cooling inflation on either side of the Atlantic will allow central banks to slow the pace at which they raise interest rates early this year.

Nifty rose with an upgap on Monday and built on the gains with an intermittent correction. Its near term move will depend on global moves. The next resistance for Nifty is at 18243-18265 band. On falls, 17892-17936 band could provide support.

Source : Equity Bulls


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