Daily Market Commentary - Dec 8, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Today after a gap-up opening, the momentum continued in favor of bulls as the central bank continued with its accommodative stance keeping the interest rates unchanged.

Sensex gains 1,000 pts, Nifty trades above 17,400. All the sectoral indices ended in the green, with PSU bank, auto indices rising 2 percent each. BSE midcap and small-cap indices rose over 1 percent each.

After yesterday's strong pullback rally, the bulls were not in the mood to give up and kept the momentum ongoing in today's session too. The index managed to close above 21 day EMA which is placed at 17442 but still trades below its 50 & 200 days EMA. Immediate supports are near 17300-17340 levels whereas on the upside whereas the index needs to close above 17,600 for a good meaningful uptrend to begin.

Fears over Omicron faded as recent reports suggested that the new virus isn't deadly as earlier anticipated and this helped the market to add on to recent strong gains.

On the domestic front, today RBI pointed that the GDP forecast for FY22 remained high at 9.5% showing confidence over economic recovery and inflation forecast is below the market estimates.

Bajaj Finance, Hindalco Industries, Maruti Suzuki, SBI, and Bajaj Finserv were among the top Nifty gainers. Losers included HDFC Life, Kotak Mahindra Bank, Power Grid Corp, Divis Labs, and IOC.

Source : Equity Bulls

Keywords

MarketCommentary Dec82021 BonanzaPortfolio Nifty