Daily Markets Wrap - March 16, 2022 - HDFC Securities

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

Nifty recorded the best day in a week on March 16, as global markets bounced up on fears subsiding and new hopes of stimulus in China. Nifty opened gap up and remained in a 102 point range for better part of the day. A last hour rally resulted in Nifty closing 1.87% or 312.3 points higher at 16975.4.

On a day when the volumes on the NSE were lower than recent average, all sectoral indices ended in the positive with Realty and Metals leading the pack. BSE Smallcap and Midcap indices rose 1.47-1.80%.

Asian and European equities rallied on Wednesday after a senior Chinese official indicated Beijing would step in to boost the world's second-largest economy, soothing market jitters caused by the war in Ukraine and an anticipated US interest rate rise. Hopes of progress in Ukraine-Russia peace talks kept the mood buoyant. Mainland companies listed in Hong Kong posted the biggest gain since the global financial crisis and a Chinese tech index added a record 20%.

Nifty continued its upmove and closed short of the downgap of 17027. Advance decline ratio was sharply positive. Lower than normal volumes suggested low level of selling activity from FPIs. Nifty could now continue its upmove and face resistance from the 17027-17092 band on the upside. On downmoves, 16757-16888 band could provide support.

Source : Equity Bulls

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