Daily Markets Wrap - Dec 24, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty snapped a three day gaining streak on Dec 24 amidst low holiday period volumes. Nifty opened up on Dec 24 and started to fall soon thereafter. It touched an intra day low at 1035 Hrs and made an attempt to recover from negative territory. After almost touching neutral territory at 1445 Hrs, Nifty once again fell. At close Nifty was down 0.40% or 68.9 points at 17003.7.

On a day when the volumes on the NSE were the lowest in 10 months, IT was the sole gainer among sectoral indices while Power, Realty, Capital Goods and Oil & Gas indices fell the most. BSE Smallcap index fell 0.60% while Midcap index fell 1.15%.

Asian stocks were mixed Friday after failing to harness a tailwind from the U.S. European shares were nominally higher amid expectations that the Omicron variant won't derail the economic recovery, although activity should remain thin as most cash and derivatives markets are either closed or open half day.

Nifty logged nominal gains in the penultimate week of 2021, aided by IT and pharma stocks. After a three day rise, Nifty expectedly corrected, though it did not close at the intra day low. Advance decline ratio was in the negative but improved from the afternoon lows. On daily charts, Nifty has formed a Bearish engulfing pattern. A move below today's low i.e. 16909 could result in faster fall in the coming week which also may see low volumes as most institutional players are on year end leave. However a breach of 17118-17155 on the upside could result in better momentum on the upside.

Source : Equity Bulls

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