Daily Market Commentary - Dec 13, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Nifty ends below 17,400 due to selling pressure witnessed in Realty, oil & gas, and PSU banks. Among sectors, except Nifty IT all other sectoral indices ended in the red. The BSE midcap index was down 0.5 percent, while smallcap index was up 0.20 percent.

Nifty started the day with a gap-up opening but failed to continue the momentum and was unable to cross the hurdle of 17640. There were no major intraday recoveries seen and the trend continued for the entire day's session. On the downside, Nifty is expected to fill up a recent gap area, which is near 17250-17300. The index is currently traveling in a channel where 17,650 and 17,000 will be the broad range. The overall structure shows that the short term consolidation is likely to continue further before the index prepares for a larger up move.

On the Global front, as per Friday's data, US Annual inflation rose to 6.8% from 6.2%, a level not seen since 1982 amid the Paul Volcker era at the central bank. The Fed chair has hinted that it needs to go beyond doubling its taper rate. So far this month, FII continues to be a net seller in the Indian market.

Bajaj Finance, Bajaj Finserv, Tata Consumer Products, Reliance Industries, and M&M were among the top Nifty losers. Gainers included Tech Mahindra, Axis Bank, Maruti Suzuki, Wipro, and SBI Life Insurance.

Source : Equity Bulls

Keywords

DailyMarketCommentary Nifty BonanzaPortfolio