Markets Daily - Dec 15, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices recovered from early weakness and ended flat in a volatile session on December 15. In the process it ended at almost the intra day high. At close, the Nifty was up 9.70 points or 0.07% at 13,567.90.

Volumes on the NSE were in line with recent averages. Among sectors, all of them ended in the negative except Media, Auto & Metal indices. PSU Banks and FMCG indices fell the most.

About 1389 shares have advanced, 1333 shares declined, and 128 shares are unchanged.

Nestle, HUL, BPCL, Axis Bank and ICICI Bank were among major losers on the Nifty, while gainers were Bajaj Finance, Bajaj Finserv, Eicher Motors, Shree Cements and JSW Steel.

Except auto and metal, other sectoral indices ended in the red with Nifty PSU and FMCG indices fell 1 percent each.

Asian shares retreated on Tuesday as investors waited to see if Congress could break a logjam on delivering more aid to people, businesses and local governments affected by the coronavirus pandemic. European stocks edged higher early on Tuesday, as investors were hopeful of a Brexit trade deal but fearful of rising COVID-19 cases and tighter restrictions.

Nifty has formed a pattern on daily charts similar to that on Monday with 13590-13598 being a crucial resistance. As it has closed only 30 points away from this band it has a good chance to make a new high in the coming few days. High intraday volatility and flat close means that markets are due for a sharp move shortly in either direction.

Source : Equity Bulls

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