Daily Markets Wrap - Feb 22, 2022 - HDFC Securities

Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty ended lower for the fifth consecutive session on Feb 22, driven lower by developments on the Russia Ukraine front. Nifty opened gap down and made an intra day bottom in the first 5 minutes of trade. It later rose making higher tops and bottoms. At close Nifty was down 0.67% or 114.4 points at 17092.

On a day when the volumes on the NSE were higher than that on the previous two days, Power was the only sector that ended in the positive while Realty, Metals and Telecom lost the most. BSE Smallcap index ended down 1.62% while Midcap ended down 0.70%.

Asian equities slid for a third day as escalating tensions over Ukraine and fresh regulatory scrutiny on China's tech sector drained investors' nerves. China asked firms to check their financial exposure to Ant Group Co. European stock markets tumbled on Tuesday, while safe-havens rallied and oil surged, as Russian president Vladimir Putin ordered troops into two breakaway regions of eastern Ukraine.

Nifty continues dropping everyday and then recovering part of the losses by the end of the day. Advance decline ratio continues to be heavily in the negative. 16809-16836 band continues to provide support on falls while 17267 could offer resistance.

Source : Equity Bulls

Keywords

DailyMarketsWrap Nifty HDFCSecurities Smallcap UkraineCrisis