Daily Markets Wrap - March 9, 2023 - HDFC Securities

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

Nifty snapped a three day rally and ended in the negative, pulled down by negative global cues. At close, Nifty was down 0.93% or 164.8 points at 17589.6. Volumes on the NSE fell compared to the recent average. Broad market indices fell less than the Nifty even as the advance decline ratio closed at 0.72:1.

Global stock markets were mostly lower Thursday amid worries about weaker-than-expected Chinese inflation data that pointed to a sluggish economic recovery in the country and possibility of more and sharp U.S. interest rate hikes. U.S. government's comprehensive monthly report on hiring is due out Friday that may give some hint about the need to raise rates and quantum thereof.

Nifty failed to cross 17800 in this move and seems to have made a lower top. This does not augur well for the largecaps. Nifty could now stay in the 17468-17681 band for the near term.

Source : Equity Bulls

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