Daily Markets Wrap - Nov 22, 2023 - HDFC Securities

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

Nifty closed higher for the second consecutive session on Nov 22 after recovering smartly post 1400 Hrs. At close, Nifty was up 0.14% or 28.45 points at 19811.9. Volumes on the NSE dipped a bit compared to the previous two sessions. Midcap index rose more than the Nifty while Smallcap index lagged even as the advance decline ratio stood at even.

Global equities were mixed as investors tempered some of their earlier enthusiasm about the prospect of an end to U.S. interest rate hikes, ahead of holidays in America and Japan. The positive news on Israel Hamas front had little impact on the markets.

Nifty rose marginally on Nov 22 though recovering well from the intraday lows. It has in the process closed at the highest since Sept 20, 2023. It has formed a hanging man type pattern which in normal case is bearish. 19850 is proving to be a tough resistance to break. Unless this is broken, Nifty is likely to undergo a small corrective phase towards 19627 and 19547 in the near term.

Source : Equity Bulls

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