Daily Markets Wrap - April 29, 2022 - HDFC Securities

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

Nifty reversed early gains and closed in the negative on April 29. Nifty opened with an upgap and after a brief correction rose again to make an intra day high at 1330 Hrs. Two rounds of selloffs followed and the Nifty closed near the intra day low. At close Nifty was down 0.83% or 142.5 points at 17102.5. In the process Nifty was the worst performing index in the Asian region.

Volumes on the NSE were higher than recent average. Among sectors, Power, Oil & Gas and Capital goods indices fell the most. BSE Midcap index fell 0.81%, while the BSE Smallcap index fell 0.58%.

Equity markets in Asia mostly rose Friday following a positive lead from Wall Street. European shares on Friday rose to their highest in a week as strong earnings reports and a rally in technology stocks boosted risk appetite at the end of a volatile month dominated by concerns about slowing global growth. Investors await signals on Chinese economic policy from the Friday meeting of the ruling Communist Party's powerful Politburo, that would likely focus on ways to spur growth.

Nifty keeps getting sold on rises. An upward breach of 17300 triggers sales activity from FPIs. Poor advance decline ratio also reflects the tiredness of the local investors in maintaining a positive stance in the face of repeated selloffs. 16888-17378 seems to be the band for the Nifty over the next few sessions.

Source : Equity Bulls

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