Daily Markets Wrap - Dec 21, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty broke a two day losing streak to end in the positive on Dec 21. Nifty opened gap up on Dec 21 in line with other Asian markets. It rose in the morning session and made an intra day high at 1240 Hrs. It mildly corrected post that. At close, Nifty was up 0.94% or 156.6 points at 16770.8.

On a day when the volumes on the NSE were lower than the recent average, Metals, Consumer Durables and IT indices have gained the most. BSE Smallcap index rose 1.29% while Midcap index gained 1.43%.

Asian shares were mostly higher on Tuesday after a worldwide slump for financial markets spurred by worries about how badly the omicron variant, inflation and other forces will hit the world economy. European shares rebounded on Tuesday after a brutal selloff in the previous session, with a jump in commodity stocks offsetting concerns about the Omicron coronavirus variant.

Nifty in its bounce has faced resistance from the down gap of 16966 (intra day high 16936). It corrected from above but still managed to end in the positive. This upward momentum could last a couple of days. Advance decline ratio ended in the positive. 16891-16966 remains a resistance band for the Nifty while 16688 is a support.

Source : Equity Bulls

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DailyMarketsWrap HDFCSecurities Nifty Sensex