Daily Markets Wrap - April 21, 2022 - HDFC Securities

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

Nifty rose for the second consecutive day on April 21, aided by positive global cues and lower institutional selling. Nifty opened gap up and rose through the day to close almost at the intra day high. At close Nifty was up 1.49% or 256.1 points at 17392.2. In the process Nifty was the best performing index in the region.

Volumes on the NSE continued to be lower than recent average for the second consecutive session suggesting lower pressure of FPI sales. Among sectors, Auto, IT, Banks and Healthcare indices rose the most while Metals index ended marginally in the negative.

Asian stocks turned in a mixed performance on Thursday amid inflation scare and growing optimism for another strong earnings season. Chinese stocks tumbled on fears of a sharp economic slowdown after recent policy measures fell short of expectations. European stocks inched higher on Thursday as investors considered hawkish comments from European Central Bank officials against an upbeat start to the corporate earnings season.

Nifty rose for the second consecutive session with an upgap. It is now close to filling the downgap of 17457 made on April 18 which could be a resistance in the near term post which 17560 will act as such. On falls 17238 could provide support. Advance decline ratio rose smartly to much above 1:1 but the Small and Midcap indices gains are still lagging those of the largecaps, suggesting shift of trading interest to largecaps.

Source : Equity Bulls

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DailyMarketsWrap HDFCSecurities Nifty Sensex