Daily Markets Wrap - Dec 31, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

After two days of sideways close, Nifty rose on Dec 31, the last day of calendar 2021. Nifty opened gap up and rose sharply till 0945 Hrs. It later consolidated through the day. At close, Nifty was up 0.87% or 150 points at 17354.

On a day when the volumes on the NSE were lower than recent average, Metals, Consumer Durables, Auto and Telecom indices rose the most. BSE Midcap index gained 1.38%, while Smallcap index was up 1.16%.

Stock markets globally were mixed on Friday in thin trading but were set to see in the New Year with double-digit gains for 2021. With several markets in Asia and Europe closed on Friday, trading volumes were very thin and most markets directionless.

Nifty ended the year 2021 with hefty gains of 24.1%, the best gain in 4 years. For the week too it gained a healthy 2.06%. Nifty has risen 6.4% from the recent bottom. Now onwards the rise will be slower in the new year when all players will return to their trading desks. 17161 is a support in the near term while 17405-17534 band could provide resistance.

Source : Equity Bulls

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