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

Indian benchmark equity indices erased intraday gains and ended on a flat note after a volatile session on June 22. The Nifty opened up and rose further to make an intra day high at 1020 Hrs. It later corrected gradually through the day to close almost at the intra day low. At close, the Nifty was up 26.30 points or 0.17% at 15772.80.

Volumes on the NSE continued to be below average for the second consecutive session as volatility in individual stocks in the large and midcap space remained low. Among sectors, Power, Capital Goods and Auto were the main gainers while Realty was the main loser.

Global shares extended their recovery on Tuesday, as investors focused on prospects for post-pandemic economic growth, rather than agonise more over the hawkish stance taken by the U.S. Federal Reserve at a policy meeting last week. Asia Pacific stocks were mostly up Tuesday morning, following a rebound in U.S. counterparts during the previous session.

Nifty after recovering from the lows over the past two trading sessions, reversed course and lost the intra day gains on June 22. After opening gap up, the Nifty ran into resistance at around the 15900 level once again and later filled the morning upgap. 15690-15895 could be the band for the Nifty over the next few sessions even as stock specific moves (amongst lesser number of stocks) continue.

Source : Equity Bulls

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