Daily Markets View - Dec 23, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices continued their rebound from losses of Dec 21 and ended higher for the second straight day. The Nifty opened flat and rose gradually through the day to close at almost its intraday high. At close Nifty settled 135 points, or 1 percent, higher at 13,601.10.

Volumes on the NSE were below recent average. Among sectors, Realty Media IT PSU Bank, FMCG, Metals and Pharma were the main gainers.

World stocks inched up on Wednesday, as a last-minute intervention by President Donald Trump dampened positive sentiment over a U.S. stimulus deal, while the European markets rose on the possibility of a Brexit agreement that could be likely as early as on Wednesday.

In the second day post the selloff, Nifty has retraced ~75% of the latest fall. However lower volumes are a dampener. Now the next resistance level of the Nifty is at 13665-13710 while supports will come in at 13485.

Source : Equity Bulls

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