Daily Markets - Feb 17, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices ended in the negative for the second consecutive session on February 17 despite a rally in PSU bank stocks. Nifty fell after making an intra day high at 1240 Hrs. At close, the Nifty was down 104.60 points or 0.68% at 15,208.90.

Volumes on the NSE were in line with recent averages. Among sectors PSU Bank, Media gained the most, while Pharma, IT, Realty fell the most. The Midcap index ended 0.3% higher while the Small cap index ended flat.

Asian shares were mixed on Wednesday as investors sold to lock in profits from the recent rally driven by hopes economies will gradually return to a pre-pandemic normal. Rising bond yields, a sign of confidence in the economic outlook and expectations of rising inflation, are weighing on sentiment. European stock markets fell at the start of trading today following losses across much of Asia.

New-vehicle registrations plunged 26% to 842,835 in the Euro area in January.

Nifty formed lower top lower bottom formation on Feb 17 after the recent rise, raising concerns about the rally getting tired. However an equal advance decline ratio on a negative day means that some bottom fishing has happened in stocks that have corrected over the last few days. 15112-15170 could be the next support band for Nifty. On rise 15340 could act as a resistance.

Source : Equity Bulls

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