View on Market Performance - Feb 20, 2023 - HDFC Securities

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

Indian markets closed lower for the second session on the trot.

After an initial flurry, Indian benchmark indices gave back all the gains and continued its southward journey for the second day in the row.

Despite strong global cues, Nifty closed lower by 0.56% or 100 points at 17845. From the recent swing high of 18134, Nifty has witnessed a correction of more than 300 points in the span of 3 trading sessions. Bank Nifty, closed at the lowest level since 31st Jan 2023 and continued to underperform the Nifty.

Volumes of the cash segment were the lowest in last 7 months. Broad market indices managed to hold its forte and closed almost unchanged compared to the previous session. Breadth continues to remain poor, and there were 10 shares that declined for every 7 shares that rose for the session.

Among sector specific Indices, Auto and Technology indices gained the most while Nifty bank and Pharmaceuticals were the top under performer. Support for the Nifty is seen at its previous swing low of 17719, and if Nifty were to sustain below that support it will have bearish implications on short term charts. Resistance has shifted down to 18000 odd levels in the Nifty.

Source : Equity Bulls

Keywords

MarketPerformance HDFCSecurities Nifty Sensex