Market Commentary

Daily Markets Wrap - April 10, 2023 - HDFC Securities

Posted On : 2023-04-10 20:53:01( TIMEZONE : IST )

Daily Markets Wrap - April 10, 2023 - HDFC Securities

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

Nifty closed mildly up on Apr 10 giving up a large portion of morning gains. At close, Nifty was up 0.14% or 24.9 points at 17624.1. Volumes on the NSE continued to be on the lower side. Midcap index rose more than the Nifty even as the advance decline ratio remained above par at 1.13:1.

European markets were shut for a holiday. Asian equities were mixed Monday in holiday-thinned trade after US jobs data indicated the Federal Reserve would likely have to hike interest rates again but soothed recent worries about a possible recession. Focus is now on the release of inflation figures later this week, which will play a crucial role in the Fed's decision-making when it meets early next month.

India is expected to get a 'below normal' monsoon this year, according to private weather forecaster Skymet, adding another potential risk to the economy. Skymet expects the upcoming monsoon to be 94% (with an error margin of +/-5%) of the long period average of 868.6 mm for the four-month period from June to September, with the spread of below normal being 90-95% of LPA.

Nifty seems to have run out of steam after a rise over the last 6 sessions. Though the uptrend has not reversed so far, it could be rocky from now on. Short term traders need to take some profits out. Nifty could remain in the 17530-17772 band over the next 1-2 sessions.

Source : Equity Bulls


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