Daily Markets Wrap - Sep 7, 2022 - HDFC Securities

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

Nifty closed lower for the second consecutive session on Sept 07, though up from intraday lows. Nifty opened gap down but gradually inched up through the day. At close, Nifty was down 0.18% or 31.2 points at 17624.4.

Volumes on the NSE were higher than recent average. Among sectors, Telecom, Healthcare and Consumer Durables indices rose the most, while Power and Auto indices fell the most. Broader market outperformed the Nifty with Midcap index rising 0.46% and Smallcap index rising 0.79%. Advance decline ratio was positive.

European and Asian equities came under pressure on Wednesday after worse than expected Chinese exports data added to concerns over the health of the global economy. China's exports and imports lost momentum in August as surging inflation crippled overseas demand and new COVID curbs and heatwaves disrupted output, reviving downside risks for the shaky economy. Exports grew rose 7.1 per cent last month compared with growth of 18 per cent in July.Imports rose only 0.3% in August from 2.3% in the month prior. This led to a narrower trade surplus of $79.39 billion, compared with a $101.26 billion surplus in July.

Nifty formed a lower top lower bottom candle on Sept 07 compared to the previous session but closed only nominally lower. Nifty is looking for direction over the past few days and has outperformed the other countries by recovering from lows - whether intra day or otherwise. Nifty could face resistance in the 17696-17764 band while 17468 could provide support in the near term.

Source : Equity Bulls

Keywords

DailyMarketsWrap HDFCSecurities Nifty Sensex