Daily Markets Wrap - Dec 9, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty ended higher for the third consecutive session on Dec 09 helped by positive global cues. Nifty opened higher but soon ran into a correction. After making an intra day low at 1030 Hrs, it started making higher lows. At close Nifty was up 0.27% or 47 points at 17517.

On a day when the volumes on the NSE were in line with recent averages, Capital Goods, Telecom and FMCG indices rose the most, while Banks and Consumer Durables indices fell the most. BSE Smallcap index rose 0.80% while BSE Midcap index rose 0.38%.

Asian stock markets followed Wall Street higher Thursday as investors waited for U.S. inflation data that might influence the Federal Reserve's decision on when to roll back economic stimulus.

European stocks opened higher but corrected soon. World stocks stalled at two-week highs on Thursday as increased restrictions in parts of the world to contain the Omicron coronavirus variant tempered optimism following encouraging news on the vaccine front. Late on Wednesday, British Prime Minister Boris Johnson imposed tougher COVID-19 restrictions in England.

Nifty saw lower upward momentum on day three, as expected. However advance decline ratio continues to remain high comforting the sentiments. Nifty could face resistance from 17564-17600 band while 17351-17379 band could provide support.

Source : Equity Bulls

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