Daily Markets Wrap - April 21, 2023 - HDFC Securities

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

Nifty ended exactly flat on April 21 after recovering from morning weakness. At close, Nifty was up 0.40 points at 17624.05. Volumes on the NSE were on the lower side. Broad market indices ended in the negative even as the advance decline ratio ended in the negative at 0.68:1.

Most global markets fell on Friday, extending losses into a third straight session as concerns over an economic slowdown were exacerbated by weak data, while hawkish signals from the Federal Reserve also rattled sentiment. Markets in the Chinese region were down over 1% as concerns over a mixed economic recovery in the country soured sentiment towards local stocks. Data also showed that foreign direct investment in China grew much less than expected in March, reflecting some doubts over just how much the economy will rebound this year.

Nifty fell 1.14% over the week forming a bearish engulfing pattern. 17842-17863 band will now be a crucial resistance for the Nifty. 17428 could be a support in the near term. Q4 results have turned out to be mixed bag and the broad market seems tired due to lack of fund buying in small/midcaps.

Source : Equity Bulls

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