Daily Markets Wrap - Dec 10, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty ended almost flat on Dec 10 after it fell to touch an intra day low just after noon and later recouped all the losses. Nifty opened higher, fell to make an intra day low at 1245 Hrs and later inched up to close almost flat. At close Nifty was down 5.5 points or 0.03% at 17511.3.

On a day when the volumes on the NSE were in line with recent average, Realty, Oil & Gas and Power indices rose the most while Consumer Durables and Telecom indices fell the most. BSE Midcap index rose 0.39%, while Smallcap index rose 0.85%.

Asian markets fell on Friday as traders stayed away from riskier assets ahead of key US inflation data that could set direction on Federal Reserve rates. European stock markets fell into the red on Friday after new figures from the Office for National Statistics showed sluggish UK economic growth in October. New data showed that GDP grew by just 0.1% in the month, below the 0.4% that economists had forecast, thanks to ongoing supply chain disruptions and staff shortages.

Nifty gained the most in 8 weeks (up 1.83%) on relief rally from the overwhelming fears about Omicron variant of Covid. However the bounce ran out of energy towards the week end ahead of the US inflation data. However the Nifty has bounced up from intra day lows and closed towards the day and week high. Advance decline ratio also remains firmly in the positive. 17613-17700 is the next resistance band for the Nifty. Nifty can continue the upward momentum in the initial part of the coming week.

Source : Equity Bulls

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DailyMarketsWrap HDFCSecurities Nifty