Daily Markets Wrap - Feb 16, 2023 - HDFC Securities

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

Nifty rose for the third consecutive session on Feb 16 though closing off day's high. At close, Nifty was up 0.11% or 20 points at 18035.85. Volumes on the NSE continued to be on the lower side. Broad market indices rose almost a percent, outperforming the Nifty even as the advance decline ratio was up at 1.29:1.

Global stocks mostly rose on Thursday, with investors choosing to cheer strong U.S. retail sales data as good news for earnings rather than worry about it being likely to support interest rate rises.

Data released Thursday showed that China's January air passenger traffic rose 34.8% from a year earlier, suggesting that demand from the world's largest importer of crude could bounce back relatively quickly after its decision to abandon its strict zero-COVID policy.

Nifty rose as expected, but could not hold on to gains. In case we see a lower high and lower close on Feb 17 compared to Feb 16, then the present upmove could be termed as over. 18135-17954 could be the new trading band for the Nifty in the near term.

Source : Equity Bulls

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DailyMarketsWrap HDFCSecurities Nifty Sensex