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

Nifty reversed the losses of the previous day on Dec 07 and posted the biggest single day gain since September 23, 2021. Nifty opened gap up and rose through the day to end a little off the intra day high. At close Nifty was up 1.56% or 264 points to 17176.7.

Volumes on the NSE was lower than recent average. There were no sectoral losers while Realty, Metals and Banks were the main gainers among sectors. BSE Midcap and Smallcap indices underperformed slightly, rising 1.1-1.3%.

Equities and currencies in Asian emerging markets strengthened on Tuesday, as fears around the Omicron coronavirus variant ebbed on reports that the strain's impact may be mild. European equities rallied as fears about the impact of the Omicron coronavirus variant abated and Chinese authorities signalled efforts to stimulate the country's slowing economy.

Nifty clawed back most of the losses of the previous day on Dec 07.16,983 could now be the support for the Nifty while 17,401 could be the resistance. The way the advance decline ratio has improved suggests a few more days of upward moves in the Nifty, though the pace could slow.

Source : Equity Bulls

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