Daily Market Wrap - Sep 14, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty closed nominally higher on Sept 14 facing resistance from the earlier high formed about 4 days ago. Nifty opened gap up and remained in a range till 1240 hrs, post which it started to fall. It finally closed almost near the intra day low, though in the positive. At close the Nifty was up 0.14% or 24.7 points at 17380.

On a day when the volumes on the NSE were higher that the recent averages due to hectic trading in Zee, IRCTC and the two new listings, Metals was the main loser while Consumer durables, Automobiles and Utilities were the main gainers. The broader indices outperformed their larger peers with the S&P BSE MidCap adding over 1% and S&P BSE SmallCap rising 0.6%.

August WPI inflation came in at 11.39% against 11.16% (MoM) and 0.41% (YoY)while August core WPI inflation at 11.2% against 10.8% (MoM).

Asian stocks were largely up except China and Hongkong while European stocks slipped on Tuesday as caution ahead of U.S. inflation data and weakness in luxury and mining shares offset optimism around the region's economic recovery.

Nifty closed at its all time high though on an intra day basis it faced resistance from the previous high formed 4 days back. Advance decline ratio has improved to much above 1:1, bringing some positivity amongst traders. A convincing breach of 17437 could lead to acceleration in the upmove. On the other hand 17254 could act as a support.

Source : Equity Bulls

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