homevideos Newsmarket NewsNifty ends 0.75% lower on Friday – CNBC TV18 editor decodes the road ahead
Nifty ends 0.75% lower on Friday – CNBC-TV18 editor decodes the road ahead
On Friday, the Indian equity market closed 0.75 percent lower at 17,859. Nifty also came within 20 points of December 26 low of 17,774.
On Friday, the Indian equity market closed 0.75 percent lower at 17,859. Nifty also came within 20 points of the December 26 low of 17,774. If that is broken, the next crucial level for Nifty comes at 17,472 which is the 38 percent retracement of the entire rally from the lows of June 2022 to the all-time high.
Whether the market tests the 38 percent retracement level will depend on earnings season which kicks off from January 9, 2023.
From a global perspective, US labour market data is important. All high frequency numbers are indicating that the US labour market is far too hot and far too strong for the Fed’s comfort.
So if the labour markets continue to be hot as the FOMC minutes indicated, then the market maybe mispricing Fed’s resolve to keep hiking rates to bring inflation lower.
However, the laggards of 2022 have come back in the first week of 2023. Markets like China, Europe are the ones which have come back pretty strongly.
If you look at the returns, from the lows of October 2022, they have been pretty stark – the Hang Seng market has gained by 43 percent, Euro Stoxx 50 gained 22 percent, while Nifty gained 5 percent. So the outperformance of Nifty in 2022 has now reversed a little bit.
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