Daily Markets Wrap - Dec 16, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty snapped a four day losing streak on Dec 16 and close minorly in the positive after a volatile session. Nifty opened gap up but sold off soon thereafter. It kept making lower tops lower bottoms through the day before recovering post 1445 Hrs. At close Nifty was up 0.16% or 27 points at 17248.

On a day when the volumes on the NSE were in line with the recent average, IT index rose the most, while Realty and Power fell the most. BSE Midcap and Smallcap indices underperformed falling 0.65-0.70%.

Asian stocks rose on Thursday after the Federal Reserve flagged a long-awaited end to its monetary stimulus next year but delivered an otherwise upbeat economic outlook, which lifted investor spirits. European stocks advanced Thursday, pricing in the positive reaction to the Federal Reserve interest-rate decision ahead of gatherings of both the European Central Bank and the Bank of England.

Nifty keeps facing selling pressure from 17370-17400 band over the last three days. Despite other markets sustaining most of their gains, Nifty failed to hold on to the opening gains. Advance decline ratio has again gone negative suggesting broad based profit taking amidst thin overall volumes. 17380-17185 is the band for the Nifty in the near term.

Source : Equity Bulls

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