Daily Markets Wrap - July 11, 2022 - HDFC Securities

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

Nifty recovered from morning losses on July 11 to close almost flat. After rising for three sessions, Nifty overcame early selling pressure aided by weak global markets to close almost flat. At close, Nifty was down 0.03% or 4.6 points at 16216.

Among sectors Power, Oil & Gas and Metal indices rose the most while IT index fell the most. Smallcap Index (up 1.07%) and Midcap index (up 0.63%) outperformed the Nifty. Advance decline ratio was healthy at 1.8:1.

Most global stock markets traded lower Monday, with investors taking a cautious stance, given energy concerns in the European region and amid concerns about more Covid curbs in China as cases rise again that could result in another round of supply chain disruption.

Nifty filled the upgap made on Friday in early morning weakness and rose. A move above Friday's close i.e 16276 would be bullish for the Nifty while 16011-16026 band could offer good support.

Source : Equity Bulls

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