Daily Markets Wrap - Sep 13, 2022 - HDFC Securities

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

Nifty rose for the fourth consecutive session on Sept 13 aided by positive global cues. Nifty opened gap up and kept inching up through the day. At close Nifty was up 0.75% or 133.7 points at 18070.1.

Among sectors, Metals, Banks, Capital goods and FMCG indices rose the most while Oil & Gas and Realty indices fell the most. Broad market underperformed with Midcap and Smallcap indices rising 0.24%-0.32%. Advance decline ratio was just above 1:1.

Asian equities extended the global rally in risk assets amid speculation Tuesday's US consumer price data will support bets that inflation there is near peaking. European stocks advanced on Tuesday for the fourth straight session, with underlying sentiment boosted by M&A talk and hopes for a softer U.S. inflation reading.

Nifty breached the 17992 resistance with an upgap. It will need to build on to the gains for the upward momentum to continue. The broader markets seem a bit tired. The US CPI number due in the evening and the US market reaction to the number may influence the opening of our markets tomorrow. Nifty could face resistance at 18115 (and 18308 later) while 17968 could offer support in the near term.

Source : Equity Bulls

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