Daily Markets Wrap - August 22, 2022 - HDFC Securities

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

Nifty closed lower for the second consecutive session on Aug 22 pulled down by weak global cues. Nifty opened gap down and kept falling for the better part of the day. At close, Nifty was down 1.51% or 267.8 points at 17490.7.

Among sectors, Realty, Metals, Auto and Bank indices fell the most. Midcap index (-1.80%) fell more than the Nifty while Smallcap index fell 1.17%. Advance decline ratio was deeply negative at 0.43:1

Global stocks declined Monday as investors looked ahead to this week's Federal Reserve conference meeting in Jackson Hole, Wyoming, for signals about more possible U.S. rate hikes to cool surging inflation. European shares were on Monday set for their worst day in more than a month as worries about tightening gas supplies from Russia, hawkish signals from the European Central Bank and weak economic outlook weighed on investors' minds. The euro slumped back to parity with the US dollar as surging energy prices heightened fears that region's big economies would slide into a recession.

Nifty seems to have begun a short-term correction. The next support will be 17390-17408. On rises, 17597-17632 could offer resistance.

Source : Equity Bulls

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