Market Commentary

Daily Markets Wrap - Sep 14, 2023 - HDFC Securities

Posted On : 2023-09-14 18:05:10( TIMEZONE : IST )

Daily Markets Wrap - Sep 14, 2023 - HDFC Securities

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

Nifty fluctuated through Sept 14 after reaching record highs in early trade. Nifty rose for the second consecutive session and closed 0.17% or 33.3 points higher at 20103.3. Volumes on the NSE were the lowest in several days as buying interest in largecaps petered out at higher levels. Midcap and Smallcap indices gained more than a percent even as the advance decline ratio rose to 2.70:1.

Asian stocks rose on Thursday, as traders felt that a small upside surprise for U.S. inflation was unlikely to push up interest rates. European markets were mixed on Thursday as investors in the region waited on a crucial decision from the European Central Bank on whether to raise euro zone interest rates for a 10th straight meeting.

India's domestic air traffic in August rose 22.81 percent compared to the same month last year but was flat compared to July. Air traffic increased 30.55 percent to 10.06 crore passengers in January-August period as compared to last year's data.

Nifty rose on Sept 14 but could not hold on to all the gains. In the process it formed a spinning top like pattern suggesting possibility of formation of a short term top. Markets did not witness large scale buying in index pivotals after Nifty made new record highs. Nifty could remain in the 20168-19989 band in the near term. A breach of 19989 could take the Nifty to 19833.

Source : Equity Bulls


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