Daily Markets Wrap - Jan 12, 2023 - HDFC Securities

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

Nifty ended lower for the third consecutive session on Jan 12 though it recovered part of the intra day losses. At close, Nifty was down 0.21% or 37.5 points at 17858.2. Smallcap index fell less than the Nifty even though the advance decline ratio fell to 0.74:1.

World stocks held on to modest gains on Thursday on cautious optimism that U.S. inflation data due this evening will confirm inflation is softening lifting pressure on the US Fed to keep raising rates sharply.

Nifty marginally breached the support of 17774 (intra day low 17762), but recovered well later. The past two days are witnessing recoveries from intra day lows although selling pressure re emerges at higher levels. Nifty could rise some more once it crosses 17976.

Source : Equity Bulls

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