IGI Logo

Below is the Daily Market Commentary 23 February 2022 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Equity markets despite opening positive closed in red for the sixth consecutive day as selling pressure was seen at higher levels. Volatility continued throughout the day and intensified in the last hour of the session. Nifty lost almost 200 points from its day’s high and finally closed with loss of 29 points (0.2%) at 17,063 levels.

Broader market outperformed and closed with gains of upto 1%.  Among sectors, Realty was the top gainer - up 3%, followed by PSU Banks, Consumer Durables, Media, Metals, Private Banks and Pharma. While selling was seen in Auto, Oil & Gas, IT and Financial Services.

Markets remained in a tight range with increased volatility ahead of FNO monthly expiry and uncertain global environment. Nifty has been witnessing selling pressure at higher levels with the range shifting lower every day. Today we saw 17200 acting as a key resistance – a level below which we could see some more downward pressure. While the Russia- Ukraine conflict seems to be mostly factored in by the market, other events like assembly election, commodity inflation, Fed rate hike and consistent FII selling are likely to be overhang on the market in the near term.

Above views are of the author and not of the website kindly read disclaimer