Daily Markets Wrap - Dec 15, 2022 - HDFC Securities

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

Nifty reversed a two day uptrend on Dec 15 and ended 1.32% lower at 18414.9, falling the most (in % terms) since Oct 11. Broad market indices fell a little less although profit taking was seen across the market and advance decline ratio fell to 0.48:1. IT stocks came under selling pressure following weakness in Nasdaq and hints by US Fed that the rate hike cycle is not going to end soon. Cyclical sectors like Metals and Realty also came under selling pressure.

Global shares slid for a second day on Thursday with the U.S. Federal Reserve signalling that it expected interest rates to stay higher for longer and ahead of more central banks meetings in Europe and the U.K.

Nifty has formed a lower top at 18696 and could fall some more towards 18133. On rises, 18496-18535 band could offer resistance.

Source : Equity Bulls

Keywords

DailyMarketsWrap Nifty Sensex HDFCSecurities