Market Commentary

Daily Markets Wrap - Jan 11, 2022 - HDFC Securities

Posted On : 2022-01-11 17:56:12( TIMEZONE : IST )

Daily Markets Wrap - Jan 11, 2022 - HDFC Securities

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

Nifty closed higher for the third consecutive session on Jan 11. Nifty opened gap up and gradually moved higher through the day with intermittent corrections. At close, Nifty was up 0.29% or 52.5 points at 18055.7.

On a day when the volumes on the NSE were higher than the recent average, Power, Realty and IT indices gained the most while Metals and Telecom indices lost the most. BSE Midcap ended flat while Smallcap index closed 0.15% higher.

Asian equities struggled to find direction on Tuesday as investors awaited Federal Reserve Chair Jerome Powell's appearance before the Senate Banking Committee, hoping for clues to the timing of expected policy tightening. European stocks bounced back from their biggest decline in six weeks as Treasury yields steadied a day before a key American inflation reading helped by strong economic data, suggesting the region may be weathering the hit from the Omicron variant more strongly than when the Covid-19 virus first hit. U.K. retail sales jumped in December, growing 4.6% compared with December 2019. UK consumer spending was up 12.2% last month from two years before. Spanish industrial production rose 4.8% in November, a sharp improvement from the revised drop of 0.7% the previous month.

Nifty has shown deceleration in the upward momentum on Jan 11 with advance decline ratio turning slightly negative. This could be an indication of the trend getting mature and Nifty showing signs of fatigue after the recent sharp upward correction. 17945-18109 could be the band for the Nifty in the near term.

Source : Equity Bulls


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