Daily Market Wrap - Sep 17, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty snapped a 3 day winning streak on Sept 17 and ended marginally in the red. Nifty opened gap up and rose making fresh record highs helped by Banking stocks post the Bad bank sovereign guarantee announcement on Thursday evening. After making an intra day high at 1100 Hrs, it started to fall. A minor recovery towards the end resulted in Nifty closing 0.25% or 44 points lower at 17585.

On a day when the NSE cash volumes breached Rs.1 lakh cr, Metals, Realty, Power, Oil & Gas and Healthcare stocks fell the most while Telecom and Bank stocks rose the most. The Smallcap and midcap indices fell more than a percent.

World shares steadied on Friday above three-week lows set in the previous session though they were heading for a weekly loss on China jitters and global growth concerns. Asian stocks recovered from the early morning weakness.

Nifty closed the week higher for the fourth consecutive week closing 1.24% up. Advance decline ratio fell sharply to much below 1:1. This combined with huge volumes hints at some sort of distribution setting in the market; however a positive weekly close still does not allow us to take a very negative view. 17510 and 17378 are the two supports for the Nifty.

Source : Equity Bulls

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