Daily Markets - April 22, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices recovered smartly on April 22 after opening lower and making an intra day low in the first 5 minutes of trade. Focussed buying in Banks helped Nifty recover later in the day. Despite a surge in Corona cases, traders went in for bottom fishing on the weekly F&O expiry day, reversing a streak of two day loss. At close the Nifty ended 0.77% or 109.8 points higher at 14406.

Volumes on the NSE were in line with recent averages. Among sectors, Banks, Metals and Realty were the main gainers while FMCG and Consumer Durables were the loss leaders.

Global stocks inched higher while oil fell on Thursday as investors wondered whether to bet on economic recovery in the United States and other developed markets or worry about a surge in COVID-19 cases in India and elsewhere. The European Central Bank is also scheduled to deliver its latest monetary policy announcement, although no major changes are expected.

Nifty after making a new recent low of 14151, has made a bullish piercing pattern on April 22. However crossing 14526 will be crucial for any further upmove. Advance decline ratio is in the positive suggesting that investors are comfortable holding on to and buying small and midcaps ahead of the results season.

Source : Equity Bulls

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