Daily Markets Wrap - Feb 17, 2023 - HDFC Securities

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

Nifty snapped a three day winning streak to end in the negative on Feb 17, pulled down by weak global cues. At close, Nifty was down 0.51% or 91.7 points at 17944.2. Volumes on the NSE were the lowest since Jan 19. Smallcap index fell less than the Nifty even as the advance decline ratio fell to 0.62:1.

Shares slipped in Europe and Asia (monthly lows) on Friday after benchmarks on Wall Street had their biggest drop in four weeks as investors registered disappointment over an inflation reading that came in hotter than expected that could force central banks to continue their aggressive monetary tightening.

Nifty fell on Feb 17 making lower low and lower close and now it seems the recent upmove could have ended. On a weekly basis, it rose 0.49% with the weekly candle showing a larger upper shadow, opening up more downside. 18100-17744 could be the new trading band for the Nifty for the near term.

Source : Equity Bulls

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DailyMarketsWrap HDFCSecurities Nifty Sensex