Market Commentary

Daily Market Commentary - Jan 18, 2022 - Bonanza Portfolio

Posted On : 2022-01-18 17:20:55( TIMEZONE : IST )

Daily Market Commentary - Jan 18, 2022 - Bonanza Portfolio

Mr Vishal Wagh, Research Head - Bonanza Portfolio

Benchmark indices lower with Nifty below 18200 amid selling seen in the final hour of the session. All the sectoral indices are trading in the red with auto, IT, capital goods, metal, realty, pharma, and FMCG down 1-2 percent. BSE midcap and small-cap indices down 1-2 percent. Both Nifty and Sensex closed at 18,113 and 60,754 respectively.

18350 proved to be a stiff resistance and the markets decided to give up some of their gains. On the daily chart, Nifty has formed a bearish engulfing pattern indicating a short-term trend reversal. Going ahead, the index has to close above 18340 to continue its upward trajectory and on the downside, now 18,000 should act as immediate support following which next important support will be 21day EMA placed at 17,800.

On the global front, markets witnessed selling pressure following a surge in US treasury yield amid rate hike worries while oil prices rose on supply tension owing to the drone attack on UAE. On the domestic front, a Surge in oil prices and FIIs turning net sellers also added volatility in the domestic market.

Tata Consumer Products, Maruti Suzuki, UltraTech Cement, Eicher Motors, and Tech Mahindra were the top Nifty losers. Gainers were Axis Bank, HDFC Bank, Dr. Reddy's Labs, ICICI Bank, and Kotak Mahindra Bank.

Source : Equity Bulls


BonanzaPortfolio Nifty Sensex DailyMarketCommentary