Daily Markets Wrap - Dec 28, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty gained for the second consecutive session on Dec 28 amidst low volumes and aided by positive global cues. Nifty opened gap up and kept rising before a V shaped fall and recovery happened post 1430 Hrs. At close, Nifty was up 0.86% or 147 points at 17233.2.

On a day when the volumes on the NSE were in line with the last 3-4 day average but lower than a month's average, Consumer Durables, Capital Goods, Auto and IT indices gained the most. BSE Smallcap and Midcap indices rose 1.43% and 0.95% respectively.

Global stock markets rose on Monday and oil prices eased as investors hailed strong U.S. holiday season sales and some grew less fearful about economic damage from the Omicron variant of COVID-19.Shares in Europe and Asia inched up on Tuesday, helped by another record-setting day on Wall Street and after Britain and France held off from imposing tougher COVID-19 restrictions before year-end.

Nifty rose for the second consecutive session with advance decline ratio rising sharply to much above 1:1 even as volumes remain on the lower side. This reflects the lower presence of institutional players due to which traders are having a field day. Nifty will now face resistance in the 17298-17379 band, while 17155 could provide support. The broader markets could face some serious profit taking towards this weekend.

Source : Equity Bulls

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