Weekly Market Analysis 18 December 2021 By Ajit Mishra, Religare Broking
Below is the Daily Weekly Analysis 18 December 2021 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets traded under pressure in the passing week and lost 3% following weak global cues. The sentiment was downbeat from the beginning and the situation deteriorated further as the week progressed. Apart from the hawkish stance by the US Fed, the news of sharp rise in COVID cases globally turned the participants cautious. Consequently, Nifty settled around the week’s low to close at 16,985 levels. Most sectoral indices traded in tandem with the benchmark and ended lower. The broader indices witnessed sharp cuts and lost in the range of 3-4%.
In absence of any major event, global cues will dictate our market trend. Participants are keeping a close watch on the covid situation due to the new variant and related updates will continue to induce volatility in days to come. On the primary market front, CMS Info Systems, India’s largest cash management company, will open for subscription next week.
The announcement of policy tightening by the US Fed has not gone well with the participants especially when the global economy is again under the shadow of the new COVID variant. The situation may deteriorate further and we may see Nifty retesting the previous swing lows around the 16,900-16,700 zone. In case of any rebound, 17,150-17,350 zone would act as hurdles. All sectors, barring IT, are witnessing pressure and we are seeing a similar trend on the broader front also. Participants should align their positions according to the trend and maintain a “sell on rise” approach until we see some sign of reversal.
Above views are of the author and not of the website kindly read disclaimer
Tag News
Daily Market Analysis : Markets traded under pressure and lost over a percent amid feeble g...
More News
Daily Market Commentary : Nifty surpassed the 19500 zone intraday before closing with gains...