Daily Market Wrap - Sep 28, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty ended in the red on Sept 28, falling the most in the past week, though it recovered some of its morning losses. Nifty opened flat and started to fall post 1015 Hrs. After making an intra day low at 1425 Hrs, it made a sharp recovery clawing back almost half the earlier losses. At close Nifty was down 0.68% or 121 points to 17734.

On a day when the volumes on the NSE were a little above recent average, Power, Oil & Gas and Metal indices gained the most while Realty, IT and Telecom indices fell the most. BSE midcap and smallcap indices ended lower with each down over 0.5 percent.

Stocks in Asia-Pacific mostly declined in Tuesday trade, as various firms downgraded China's GDP forecasts amid a power crunch. European stocks fell on Tuesday, as a surge in government bond yields pressured high-growth technology shares, with fresh signs of a slowdown in China's economy weighing on investor sentiment. A rally in Brent crude futures above $80 per barrel continued to support energy stocks.

Nifty after making a low at 17576, staged a smart recovery. In this process it filled the upgap formed on Sept 23. In case this recovery continues and is sustained over the next 1-2 days, then Nifty will still have a chance to touch 18000. Advance decline ratio continues to be in the negative, reflecting the broader soft sentiments. 17802-17819 is the resistance in the near term for the Nifty while 17580-17611 is the support.

Source : Equity Bulls

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