Daily Markets Wrap - Oct 27, 2022 - HDFC Securities

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

Nifty rose in the closing minutes of trade on Oct 27 which was a monthly F&O expiry day. Nifty opened higher, and later fell to make an intra day low at 1440 Hrs. A swift recovery post 1500 Hrs led the Nifty to end in positive. At close, Nifty was up 0.46% or 80.6 points at 17736.9.

Among sectors, Realty. Oil & Gas, Metals and Power indices rose the most while IT index fell the most. Broad markets indices mildly underperformed the Nifty even as the advance decline ratio was positive at 1.23:1.

Asian markets benefited from speculation among investors that major central banks are considering slowing their aggressive interest hikes, given signs of an economic slowdown. European markets were mixed ahead of the monetary policy announcement from the European Central Bank due at 8.15 AM ET. The central bank is widely expected to hike its benchmark rate by 75 basis points to combat rising inflation. Survey results from the market research group GfK showed that German consumer confidence is set to improve in November.

In the US, the Commerce Department's report due at 8:30 a.m. ET is expected to show GDP growth likely rebounded at a 2.4% annualized rate last quarter after two straight quarterly declines.

Nifty bounced up after a one day decline. Nifty could now face resistance in the 17812-17839 band while 17637-17655 band could provide support.

Source : Equity Bulls

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