Daily Markets Wrap - Nov 1, 2022 - HDFC Securities

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

Nifty rose for the fourth consecutive session on Nov 01. Nifty opened gap up and remained in a 104 point band through the day. At close, Nifty was up 0.74% or 133.2 points at 18145.4.

Among sectors, Power, IT and Healthcare indices rose the most while Bank index fell marginally. Midcap index outperformed rising 1.04% while Smallcap index rose just 0.26%. Advance decline ratio remained positive at 1.24:1.

Chinese stocks surged from a near three-year low on Tuesday as more negative economic readings drove up hopes of stimulus measures, while broader Asian markets ticked higher ahead of a Federal Reserve meeting. European stocks rose in early trading on Tuesday, supported by speculation among investors that central banks could come to the end of their rate-hiking cycles.

A gauge of activity across India's manufacturing sector remained resilient in October, while price pressures were contained. The India Manufacturing Purchasing Managers' Index stood at 55.3 in October against 55.1 in September.

GST in October, collected for September, stood at Rs 1,51,718 crore, second highest ever. India's monthly GST revenue remained above Rs 1.4 lakh crore for eighth month in a row since March (for February).

Nifty has made multiple upgaps in the latest rise and will need to fill them in the near future. It has formed a doji after a rise suggesting indecision after a rise. On upmoves, 18287 could offer resistance while 18022 could offer support.

Source : Equity Bulls

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