Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty snapped a two-day rally on Jan 19 pulled down by weak global cues. At close, Nifty was down 0.32% or 57.50 points at 18107.9. Volumes on the NSE were on the lower side. Broad market indices fell less than the Nifty even as the advance-decline ratio fell to 0.68:1. Cyclical indices like Metals and Oil & Gas did well on hopes arising after China reopening.
Global Markets were largely soft Thursday after disappointing US data renewed worries about a recession in the world's biggest economy and investors became concerned that the start-of-the-year rally in risk assets may have gone too far despite hopes of a strong China recovery.
Nifty remained in a small 92-point band through the day and its daily high-low range was within the high-low band of the previous session, thus throwing up no fresh signals. Nifty could stay in the 17999-18243 band in the near term.