Market Commentary

Daily Markets Wrap - Jan 10, 2023 - HDFC Securities

Posted On : 2023-01-10 19:39:02( TIMEZONE : IST )

Daily Markets Wrap - Jan 10, 2023 - HDFC Securities

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

Nifty gave up the gains of the previous session on Jan 10 pulled down by weak global cues. After making an intra day low at 1445 Hrs, Nifty made a feeble recovery and closed 1.03% or 187.1 points lower at 17914.2. Volumes on the NSE continued to be on the lower side. Broad market indices fell less than the Nifty but the advance decline ratio fell to 0.55:1. IT and Bank stocks gave up part of the recent gains.

Global shares eased on Tuesday as investors took profit on the gains from the past two weeks after comments from two Federal Reserve officials injected a note of caution over the U.S. rate outlook, cracking equities. Optimism over China reopening faded. However in the morning the MSCI Asia Pacific index hit a high of 162.33 on Tuesday - roughly 21% higher than its 52-week low of 133.93 reached on Oct. 24 entering bull market.

Nifty is not able to build on the gains beyond 18150. A move below 17774 could attract more selling pressure as the monthly low of December will then be breached. On upmoves 18047-18101 could act as a resistance.

Source : Equity Bulls


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