Daily Markets Wrap - Nov 7, 2022 - HDFC Securities

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

Nifty rose for the second consecutive session on Nov 07 helped by positive global cues. Nifty opened gap up but quickly ran into profit taking. It made an intra day low at 1330 Hrs and then began to rise. It closed near the intra day high. At close, Nifty was up 0.47% or 86.7 points at 18202.8.

Volumes on the NSE were higher than recent averages. Among sectors, Metals, Auto, Oil & Gas and Realty rose the most while Healthcare and Consumer Durables fell the most. Broad market indices outperformed the Nifty rising 0.64-0.69% even as the advance decline ratio rose to 1.50:1.

Global stocks advanced Monday as investors weighed uncertainties such as the U.S. mid-term elections and China's possible moves to ease coronavirus restrictions. European Equities erased losses after a weak opening as traders took advantage of light positioning amid conflicting headlines fueling volatility.

China's trade data fell far short of expectations, marking the first annual decline in exports since May 2020. Exports fell by 0.3% and imports also fell by 0.7% - a Reuters poll had forecasted a rise of 4.3% and 0.1% respectively. In German economic data, industrial production rose 0.6 per cent month on month in September, better than the 0.8 per cent decline expected by economists polled by Reuters.

Nifty recovered well from the intra day lows to close again in the positive. It could now face resistance from the 18287-18322 band after a break on Tuesday while 18090 could offer support in the near term.

Source : Equity Bulls

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DailyMarketsWrap HDFCSecurities Nifty Sensex