Daily Markets Wrap - Jan 2, 2023 - HDFC Securities

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

Nifty gained on the first day of the year after a flat opening. At close, Nifty was up 0.51% or 92.2 points at 18197.5. Volumes on the NSE continued to be on the lower side as some participants are still on holiday. Metals stocks rose as a foreign brokerage turned bullish on metal stocks due to easing of Covid curbs in China. Smallcap index outperformed the Nifty even as the advance decline ratio rose to 2.1:1.

Global equities were largely up on the first day of trading in 2023 amid thin volumes as traders assessed cheaper valuations following last year's slump.

U.S. stock markets will be closed Monday in observance of the New Year's Day holiday. Nifty has attempted to recover well from the fall seen till Dec 23. It could now face resistance in the 18265-18346 band while 18080 could offer support in the near term.

Source : Equity Bulls

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DailyMarketsWrap HDFCSecurities Nifty Sensex