Daily Markets Wrap - Dec 21, 2022 - HDFC Securities

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

Nifty fell for the second consecutive session, reversing from morning gains. At close, Nifty was down 1.01% or 186.2 points at 18199.1. Broad market indices fell sharply as profit taking was seen across the board and the advance decline ratio on BSE fell to 0.29:1, the lowest in almost 3 months. While Covid scare in China and elsewhere was bandied about as a reason for the fall, participants anyway chose to lighten positions.

Global stocks were trying to get into a festive mood on Wednesday and managed small gains, providing a moment of respite in one of the worst years for stocks and bonds in more than a decade.

Nifty formed a bearish engulfing pattern on daily charts engulfing the previous 3 candles. 17969-18133 band could be the next support cluster for the Nifty while 18340-18385 band could offer resistance. Nifty is not able to rise for three consecutive sessions since the recent high of 18887.

Source : Equity Bulls

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