Daily Market Commentary - Feb 23, 2022 - Bonanza Portfolio

Mr Harsh Parekh, Technical Analyst, BONANZA PORTFOLIO LTD

Benchmark indices ended the day below 17,100 in a volatile session as we approach the monthly expiry. Broader markets outperformed Indian bourses by more than half a percent. Both the benchmarks closed at 17,063 and 57,232 respectively with Nifty realty shining the most amongst all indices.

The index started off with a gap-up opening of around 140 points tracking positive global cues. A sharp decline was seen in the latter half of the session where sellers turned aggressive. On the daily charts, it wasn't able to break the downward sloping trendline thereby continuing the lower highs lower low formation. Price action suggested that 50 days EMA is acting as strong resistance which is placed near 17,430 levels. Going ahead, 17,500 needs to be broken decisively to continue the upside trajectory while 16,800 remains an important make or break level.

The impact of geopolitical uncertainties and soaring fuel costs will continue to keep markets across the globe highly volatile. Traders were cautious after Finance Minister Nirmala Sitharaman's statement that the Russia-Ukraine crisis and the ensuing jump in global crude prices are a challenge to financial stability in India.

Kotak Bank, Titan, IndusInd bank, Maruti, and Bajaj Finance were the top Nifty Gainers today. Losers included NTPC, Bajaj Finserv, LT, Nestle & ICICI Bank.

Source : Equity Bulls

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DailyMarketCommentary Nifty Sensex BonanzaPortfolio