Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty continued its down move on Nov 21 for the third consecutive day. It fell the most in 11 days (down 0.81% or 147.7 points at 18159.9). Investors globally fretted about the economic fallout from fresh COVID-19 restrictions in China, with resulting risk aversion benefiting bonds and the dollar and about the likelihood of future monetary tightening and the impact on future economic growth. Broad market indices did better than the Nifty even though the advance-decline ratio closed much below 1:1. Nifty could now take support from the upgap of 18103 and later 17959 and bounce up a bit.