Market Commentary

Daily Market Wrap - Dec 2, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Posted On : 2021-12-03 00:35:58( TIMEZONE : IST )

Nifty ended higher for the second consecutive session on Dec 02. Nifty opened slightly lower and then started to rise through the day. At close, Nifty was up 1.37% or 234.75 points at 17401.7. In the process the Nifty recorded the largest single day gain in a month.

On a day when the volumes on the NSE were higher than the previous day but lower than recent average, Power, Oil & Gas and IT indices rose the most. BSE Smallcap and Midcap indices rose 1.0-1.1%.

Asian stocks were mixed and paused for breath on Thursday as markets struggled to find direction in the absence of solid information about the Omicron variant of the new coronavirus. European stocks ticked lower on Thursday, after a slide on Wall Street late in the previous session, as the new Omicron coronavirus variant continued to drive market volatility. A slump in technology shares weighed on European stocks on Thursday after Apple Inc. warned component suppliers of slowing demand for its iPhone 13 lineup.

Nifty nicely build on the gains made on the previous day on Dec 02 and crossed the crucial 17355 level. Now the next resistance for Nifty is at 17536 while support could come in at 17213.

Source : Equity Bulls


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