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Daily Market Wrap - Oct 14, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Posted On: 2021-10-14 22:44:54 (Time Zone: IST)


Nifty rose for the sixth consecutive session on October 14 to end the truncated week with healthy gains. Nifty once again opened with an upgap on October 14 and held on to opening gains encouraged by positive global cues. A minor intra day low was formed at 1330 Hrs post which the upmove continued. At close the Nifty was up 176.8 points or 0.97% to 18338.6.

On a day when the volumes on the NSE were higher than recent average, Realty, Power, Metals, Capital goods and Bankex were the main gainers while Auto was the sole loser. Midcap and Smallcap indices rose close to 0.5% each.

Wholesale inflation in the country eased to 10.6 percent in September from 11.4 percent in August and 11.6 percent in July helped by a weakening fuel inflation, including that of petrol, LPG and high-speed diesel.

World stock markets rose and longer-dated bonds rallied on Thursday as investors reckoned rising inflation would bring forward rate hikes around the world. This was offset by the companies' earnings reports that indicated consumer demand remained strong.

Nifty gained 2.48% over the week, the largest weekly rise in 6 weeks. On a weekly basis, PSU Banks, Automobiles, Metals, Media and Banks were the main gainers. Nifty rose on Wednesday and Thursday with runaway gaps which indicated strong upward momentum. Though the daily technical indicators are close to overbought levels, Nifty could rise post the long weekend on Monday and cool down later. 18600 on the upside could be the resistance for the Nifty and 18190 could be the support in the near term.


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