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

Nifty closed lower for the fourth consecutive session on October 22 due to relentless profit taking after mixed corporate results. Nifty opened flat and rose early in the day to make an intra day high at 0945 Hrs. It fell later to make an intra day bottom at 1425 Hrs. A feeble recovery followed post that. At close Nifty was down 0.35% or 63.2 points at 18114.9.

On a day when the volumes on the NSE were the lowest in the past five days, Realty and Bankex were the sectors that rose the most while Metals, IT, Auto, Healthcare and FMCG indices fell the most. BSE Midcap and Smallcap indices fell 0.97-1.20%.

Asian markets rose from the morning levels as beleaguered Evergrande made overdue bond payment. European markets are trading higher helped by an easing of worries surrounding embattled property group China Evergrande as well as positive corporate earnings.

Advance decline ratio dipped to sharply negative from sharply positive in the morning. Nifty ended the week with a loss of 1.22%. On a weekly basis, Banks (including PSU Banks) were the main sectoral gainers while FMCG, Metals, Realty, Pharma and Auto were the largest losers. On weekly charts, Nifty has formed a bearish Dark cloud cover. On falls, 17948 could be a good support.

Source : Equity Bulls

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