Daily Markets Wrap - June 21, 2022 - HDFC Securities
2022-06-21 23:31:06 (Time Zone: IST)
Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Fall in crude oil prices, positive global cues, bottom fishing due to cheaper valuations, short covering and technical setup ripe for a bounce led to a rise for the second consecutive day in Nifty on June 21. Calm seemed to have returned to markets after a steep selloff. Nifty recorded the largest 1 day point gain since May 17.
Among sectors Oil & Gas, Power, Realty, Metals, Consumer Durables and IT have gained the most. Small and Midcap space has outperformed the Nifty contrary to the behaviour on the previous day.
15670-15740 could be a near term resistance for the Nifty. Once this band is breached, 15863-15886 could be the next resistance. Investors may prepare a list of stocks that they would like to offload in this bounce to raise cash. Nervousness in the markets will keep coming up unless we see signs of inflation stabilising and reversing globally which can be an early sign of bottom formation.