Daily Markets Wrap - Dec 15, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty ended lower for the third consecutive session on Dec 15 ahead of the US Fed meet later in the day. Nifty opened flat and fell to make an intra day low at 1040 Hrs. A recovery ensued and Nifty made an intra day high at 1435 Hrs. It once again fell and closed near the intra day low. At close, Nifty was down 0.60% or 103.5 points at 17221.

On a day when the volumes on the NSE were below the recent average, Realty, Metals, IT indices fell the most, while Capital Goods and Auto indices gained the most. BSE Midcap index fell in line with the Nifty while Smallcap index fell 0.35%.

Asian stock markets ended mixed on Wednesday. European shares inched higher on Wednesday ahead of the U.S. Federal Reserve's policy decision that is likely to signal a quicker withdrawal of its pandemic stimulus measures to counter broadening inflationary risks. Chinese stocks fell on Wednesday on more concerns over the country's debt-saddled property market. Central banks in Hungary and Chile hiked rates on Tuesday in response to rising inflation. UK's inflation surged to its highest in more than a decade last month. The consumer price index jumped to 5.1% in November, well above forecasts and the highest since September 2011.

Nifty closed down after a promising morning session, selling off ahead of the crucial US Fed meet later in the day. In the process it closed below the upgap created on Dec 08 and nullified the effect of the near doji formation on the previous day. Nifty could open sharply higher or lower on Dec 16 based on the outcome of the US Fed meet. 17054-17405 could be the band for the Nifty over the next few sessions, a breach of which could lead to accelerated move in that direction.

Source : Equity Bulls

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