Daily Market Commentary - April 22, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio

Indian bourses saw profit booking in the later half of the session on the back of weak global cues as market braces for 50bps fed rate hike in May. All sectoral indices ended in the red with capital goods, bank, healthcare, metal and realty down 1-2 percent. BSE midcap and small-cap ended in the red. Both the benchmark indices closed at 17,172 & 57,197 respectively.

Today's session was all about index trading in a narrow range with 17,300 acting as a stiff resistance and 17,100 proving as a good support. Index still trades below its 21, 50 & 100 day EMA moving averages which is a sign to remain cautious on the long side. Prices are respecting its 200 day EMA which is placed near 16,850. Going forward, the nifty will look for immediate support near 16,950-17,050 and on the upside, resistance can be faced near 17,250-17,300 levels.

The hawkish statement from the US Fed dented sentiment globally including in our markets. Besides, global cues like updates on the Russia-Ukraine crisis, and China's COVID situation will also remain on the participants' radar.

Hindalco Industries, SBI, Cipla, IndusInd Bank and HUL were among the top Nifty losers. Adani Ports, M&M, Bharti Airtel, ITC and Maruti Suzuki were the top gainers.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Sensex Nifty