View on Market Performance - Feb 17, 2022 - Mr. Devarsh Vakil - Deputy Head Retail Research, HDFC Securities

Markets kept on vacillating near the previous session's close throughout the day. Many attempts were made by the bulls to take it higher past yesterday's close into positive territory, buy all were futile and markets eventually closed in the red territory. At the close Nifty was trading at 17276, 0.25% or 45 points lower.

Volumes on the NSE in cash market were dismal and were lowest for the calendar year 2022. As it was a weekly expiry day, derivative markets were buzzing with activity and they clocked an all-time high turnover today.

Banking and Healthcare indices fell the most, while Oil & Gas and FMCG were the top gainers. US markets futures which were trotting along in the positive territory fell suddenly by half a percent during the day on reports of skirmish between Russia and Ukrain. Nifty ran into selling pressure at higher levels on a day when most other Asian indices were trading in the green.

Advance decline ratio remained subdued today, with 6 shares out 10 stocks going down. WTI crude oil fell 2% and was trading near $ 91.6 per barrel.

Outcome of state elections and fears of interest rate hikes in India and abroad continue to plague the sentiments. 17491-17554 could continue to be a resistance for the Nifty while 17214 could be the support.

Source : Equity Bulls

Keywords

MarketPerformance Nifty HDFCSecurities