Daily Markets Wrap - April 13, 2022 - HDFC Securities

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

Nifty closed lower for the third consecutive session on April 13. Nifty opened gap up in line with positive Asian markets and made an intra day high at 0930 Hrs. it later fell continuously but gradually to end in the negative. At close Nifty was down 0.31% or 54.7 points at 17475.7. Excluding China, Nifty was the worst performer in the Asian region.

Volumes on the NSE were below recent average ahead of the 4 day weekend. Among sectors, Oil & Gas, Metals and Capital Goods gained the most, while Auto and Bank indices fell the most. BSE Midcap index closed 0.21% lower while Smallcap index closed 0.25% higher.

Asian shares were mostly higher Wednesday on hopes that the curbs on U.S. interest rates may moderate after new data showed signs of slowing inflation. European shares slipped for a third straight session on Wednesday as anxiety about elevated inflation and its potential impact on upcoming earnings season dampened the mood.

Sustained high inflation and tightening monetary policy globally are bringing caution among the participants who wanted to limit their positions in a curtailed week. NSE Nifty 50 snapped a two-week winning streak in a truncated week falling 1.74%. On weekly charts Nifty has formed a near Evening star doji pattern which has bearish connotations. On falls 17287-17330 band could provide support while 17639-17784 band could offer resistance over the next few days.

Source : Equity Bulls

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DailyMarketsWrap HDFCSecurities Nifty Sensex