Daily Markets Wrap - Dec 22, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty extended the gains to the second consecutive day on Dec 22. Nifty opened with another upgap and kept rising gradually. Post one intra day correction, it has recovered well. At close, Nifty was up 1.1% or 184.6 points at 16955. In the process, Nifty was the best performer in the Asian region.

On a day when the volumes on the NSE were the lowest in 10 months, Realty, Metals, Capital Goods, Auto and Telecom indices rose the most. BSE Smallcap index gained 1.66% while Midcap index gained 1.47%.

Asian share markets were broadly up as the risk appetite of global investors rises heading into year-end, despite the surging number of Omicron COVID-19 variant cases around the world. European stock markets traded mixed on Wednesday, hovering around the flatline with investors continuing to digest the risks associated with the Omicron Covid-19 variant heading into year-end.

Nifty rose but has halted near the downgap resistance of 16966. In case this resistance is not crossed on Dec 23, then we could see Nifty correcting the latest rise before rising higher. Once this resistance is crossed, 17192 could be the next resistance while 16771-16840 could be the support band in the near term.

Source : Equity Bulls

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