Daily Markets Wrap - Dec 23, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty closed higher for the third consecutive session on Dec 23 after opening gap up. It remained in a 90 point range thru the day. At close Nifty was up 0.69% or 117 points at 17072.6.

On a day when the volumes on the NSE were lower than recent average, Realty, Power, Oil & Gas, IT and FMCG indices gained the most while Telecom and Metals indices lost the most. BSE Smallcap index gained 0.73% while Midcap index rose 1.01%.

Stocks advanced Thursday after the latest coronavirus studies stirred hopes that the global recovery can weather the omicron flareup. Participants were enthused by encouraging US data and inflation worries went into the background.

Nifty rose with an upgap but formed a doji after a rise suggesting indecision on the part of the traders at higher levels. Advance decline ratio continued to remain positive. Till 17119 is crossed, there would remain a possibility of a correction of the recent rise. 16936-16971 on the downside remains a support band.

Source : Equity Bulls

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