Daily Market Wrap - July 22, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity markets jumped sharply after a three day fall following a bounce in the global markets and return of risk appetite. The Nifty scored the biggest one day gain in 2 months. Nifty opened higher and rose through the day with a brief correction in early afternoon. It finally closed with a gain of 1.23%. Almost all sectors ended in the green with the sole exception of FMCG.

While volumes were in line with recent averages, advance decline ratio jumped sharply in the positive. Midcap and smallcap indices rose a little more than the Nifty.

Global markets were higher Thursday ahead of the European Central Bank meet for a second day as optimism about an economic recovery appeared to outweigh concerns over rising coronavirus cases and inflation.

Nifty is on the cusp of the downgap area formed on July 19. If this downgap is filled and we move above 15883, then the path to further upmove opens up towards 15915-15962 band.

Source : Equity Bulls

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