Daily Markets Wrap - Oct 18, 2022 - HDFC Securities

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

Nifty rose for the third consecutive session on Oct 18 aided by positive overnight cues. Nifty opened with an upgap and remained in a narrow 80 point band through the day before closing well. At close, Nifty was up 1.01% or 175.2 points at 17486.9.

Volumes on the NSE came back to in line with recent averages. Among sectors, Realty, Capital Goods, Auto and Telecom indices rose the most. Broad market indices have started to perform but were still short of Nifty gains. Advance decline ratio was positive at 1.84:1

Stocks were mostly higher in Asia on Tuesday after Wall Street rallied in its latest about-face in recent topsy-turvy trading. European shares rose for the fourth straight session on Tuesday, driven a revival of risk appetite attributed to Britain's historic reversal its fiscal plan, with investors keeping a watch on earnings to gauge the economic outlook.

India has raised the minimum support prices for six Rabi crops amid concerns over inflation. The hikes ranged from Rs 100 to Rs 500 a quintal (2% to 9%) for the marketing season 2023-24.

Nifty rose with another upgap and did not go much below the opening levels. Broad market has started to participate even as companies coming out with results show some volatility. 17532-17630 could be the next resistance band while 17349 could be the support.

Source : Equity Bulls

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