Market Commentary

Daily Markets - Sep 29, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities



Posted On : 2021-09-29 22:18:42( TIMEZONE : IST )

Daily Markets - Sep 29, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty ended lower for the second consecutive day on Sept 29 after a rollercoaster ride. After opening gap down, Nifty remained rangebound till 1300 hrs when it started to rise. It filled the opening down gap, went into positive territory briefly but soon ran into selling pressure. At close Nifty was down 0.21% or 37 points to 17711.

On a day when the volumes on the NSE were higher than the recent average, Power, Metals and Realty indices gained the most, while Banks, Auto, Capital Goods and FMCG indices fell the most.

Asian shares lost ground on Wednesday, and were set for their worst quarter since the coronavirus pandemic hit, as worries about economic growth in China combined with fears of a global slowdown to push equities markets lower.European markets rose on mildly lower yields and return of bottom fishing.

Nifty shows volatility at higher levels. Buy the dip behaviour is observed among market participants as there is no follow through sell-offs. Advance decline ratio has improved to above 1:1 and broad market indices like smallcap and midcap indices ended in the positive outperforming the Nifty. 17576-17802 could be the range for the Nifty over the near term.

Source : Equity Bulls

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