Daily Markets Wrap - Dec 12, 2022 - HDFC Securities

Mr. Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

Indian benchmark Indices ended near the previous close in the volatile session. Nifty opened nearly 100 points lower on the back of weak global cues. However, it managed to stage a handsome recovery of more than 150 points to end the day near the previous close. Nifty ended the day up by 1 point at 18497. Bank Nifty continued its outperformance by gaining 0.20% to close at yet another all-time high levels.

Investors are cautious ahead of the US Fed's last meeting of 2022 scheduled this week.

Among sectors, PSU Banks and Reality indices gained the most while IT and Pharma fell the most. Nifty mid and small cap outperformed the Nifty with advance decline ratio on BSE ended at 1.04:1.

Nifty has witnessed a correction of more than 540 points from the recent swing high of 18887, registered on 1st December 2022. Nifty Mid cap and Small cap registered smart recovery from session's low and both the indices closed near session's high. Today's low of 18345 in Nifty is expected to act as a short-term support. On the upside 18664 could act as a resistance for Nifty.

Source : Equity Bulls

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DailyMarketsWrap Nifty Sensex HDFCSecurities