Daily Markets Wrap - Feb 21, 2022 - HDFC Securities

Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty fell for the fourth consecutive session on Feb 21 after a volatile day. Nifty opened gap down in line with other Asian markets, continued to fall and made an intra day low at 0935Hrs. It later rose to make an intra day high at 1315 Hrs. It again fell to close around the opening levels. At close, Nifty was down 0.40% or 69.7 points at 17206.6.

On a day when the volumes on the NSE were below recent average, Bank index was the sole gainer while Power, Oil & Gas, Metals and Healthcare indices lost the most. BSE Smallcap index fell 2.2% while Midcap index fell 0.80%.

Asian shares were mostly lower Monday, as investors watched for developments in Ukraine after Russia rescinded earlier pledges to pull tens of thousands of its troops away from Ukraine's northern border. European stock markets traded marginally higher Monday, boosted by fresh hopes for a diplomatic solution to the tense situation on the Ukraine border. However gains are limited as many details about the proposed summit remain uncertain and its likely success very much up in the air.

India's Monsoon in 2022 is expected to be in normal range of 96-104% of LPA, said Skymet.

Nifty has formed lower tops - lower bottoms over the near term, though the day on day loss has not been large. Advance decline ratio continues to be deeply negative. 17070-17381 could be the band for the Nifty in the near term.

Source : Equity Bulls

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