Daily Market Commentary - Dec 9, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head, Bonanza Portfolio

Nifty ends above 17,500 on weekly expiry amid a volatile trading session. Except bank and realty all other sectoral indices ended in the green, with FMCG, oil & gas and capital goods indices adding 1 percent each. BSE midcap and small-cap indices ended in the green.

After yesterday's strong pullback rally, the bulls and bears had a tug of war ending the session a flat note. Index tried to surpass 50 day EMA which is placed at 17521 but managed to close just below it. Immediate supports are near 17380-17400 levels whereas on the upside, index needs to close above 17,600 for a good meaningful uptrend to begin.

Investors are keenly awaiting the US inflation data in order to gauge the Fed's decision on rolling back economic stimulus. Global markets seem to be on an upswing, as Covid fears eased earlier in this week.

ITC, L&T, Asian Paints, UPL and Reliance Industries were among the top Nifty gainers. Losers included HDFC Bank, Titan Company, Nestle India, NTPC and Power Grid Corporation.

Source : Equity Bulls

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DailyMarketCommentary Nifty BonanzaPortfolio