Market Commentary

Daily Markets Wrap - August 18, 2022 - HDFC Securities

Posted On : 2022-08-18 18:39:20( TIMEZONE : IST )

Daily Markets Wrap - August 18, 2022 - HDFC Securities

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

Nifty on August 18 extended its winning streak for the eighth day, longest in 20 months. Nifty opened lower and swung between gains and losses for the bulk of the session before closing near day's high. At close, Nifty was up 12.3 points or 0.07% at 17956.5.

Among sectors, Realty, Capital Goods and Power rose the most while Oil & Gas, Auto and IT indices fell the most. Midcap and Smallcap indices rose by 0.34-0.42%, outperforming the Nifty even as the advance decline ratio was positive at 1.23:1.

Asian stocks fell on Thursday morning, after minutes from the last US Federal Reserve meeting indicated the central bank would prioritise fighting inflation ahead of economic growth for longer than some investors had hoped. European stocks recovered from early losses. Euro zone inflation reached a new record high of 8.9% year-on-year in July. The Philippines central bank has raised its interest rate on its overnight reverse repurchase facility by 50 basis points to 3.75%.

Nifty made a double top compared to the previous session but ended marginally higher. Large volumes and range move mean that a lot of churning seems to be happening between sectors and stocks. With no reversal signs on the horizon, Nifty could rise towards 18115 over the next few sessions. On the other hand, a breach of 17833 could mean faster downsides.

Source : Equity Bulls


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