Daily Market Commentary - Dec 10, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Market closing commentary 2021-12-10 Nifty ends just above 17,500 on amid a volatile trading session. Among sectors, realty and PSU Bank indices rose nearly 3 percent each, while metal, oil & gas, power indices ended in the green. BSE midcap index added 0.35 percent and the smallcap index up nearly 1 percent.

After yesterday's flat trading session, even today the bulls and bears had a tug of war ending the session a flat note where the bears were active in the first half of the session and bulls made a comeback in the afternoon session. 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.

Markets in the immediate term will keenly watch out for the actions on asset tapering and key policy rates in the upcoming US Federal Reserve meet. So far this month, FII continues to be a net seller in the Indian market. Asian and European indices were trading weak ahead of the US inflation data release as the market expects inflation levels to remain elevated.

Asian Paints, Grasim Industries, SBI, SBI Life Insurance and M&M were among the top Nifty gainers. Losers included Divis Labs, Titan Company, HDFC, Kotak Mahindra Bank and Tata Consumer Products.

Source : Equity Bulls

Keywords

DailyMarketCommentary BonanzaPortfolio Nifty