Daily Market Wrap - Oct 7, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty rebounded on Oct 07 after the sell-off seen on the previous day. Nifty opened with an upgap and then inched up till about 1315 Hrs when it made an intra day high. Some profit taking post that led to Nifty losing some of its earlier gains. At close, Nifty was up 0.82% or 144.3 points at 17790.

On a day when the volumes on the NSE were a little above recent average, Realty, Consumer Durables and Auto indices gained the most while Oil & Gas and Telecom were the two indices that ended in the negative.

Asian shares rose Thursday led mainly by Chinese tech shares listed on Hongkong exchange, tracking a rally on Wall Street after signs of progress on resolving the standoff in Congress over the debt ceiling. European stocks rebounded on Thursday, continuing a week that has seen wild swings in global market sentiment and trading. German industrial output fell by 4% month-on-month following an increase of 1.3% in July, a vastly worse showing than the 0.4% decline forecast in a Reuters poll.

Nifty formed a doji which is appearing within the high low range of the previous day. Hence this pattern does not have any predictive ability. A breach of today's high i.e.17858 could lead to further upward move in the markets. 17641 happens to be the support for the Nifty in the near term.

Source : Equity Bulls

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DailyMarketWrap Oct72021 HDFSecurities Nifty MarketCommentary