Daily Markets - Dec 22, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices bounced up on Dec 22 after their worst fall in seven months that took place on Monday. At close the Nifty was up 137.90 points or 1.03% at 13,466.30. Nifty opened with a small gap up, fell in the initial part of the session, made an intra day low at 1230 pm. It later rose to close at almost intra day highs.

Volumes on the NSE were higher than recent averages. Among sectors, IT, Pharma, Metals, PSU Bank were the main gainers.

Asian shares (except India and Thailand) retreated on Tuesday, extending losses on growing worries over a new, potentially more infectious strain of the coronavirus. European stocks recovered some ground early on Tuesday despite concerns over the spread of a new strain of COVID-19.

Nifty has bounced up on Dec 22 after the sharp fall seen on the previous day. On upmoves, Nifty 13549-13589 band could offer resistance while 13192 could offer support. The upward bounce may last 1-2 sessions more.

Source : Equity Bulls

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