Trade setup for Indian stock markets for December 22, 2021

Trade setup for Indian stock markets for December 22, 2021

Highlights

  • Nifty faced resistance close to OPEN GAP at 16966
  • Nifty Bank has created an “indoor bar” with CLOSE
  • Nifty Small & Midcap earns more than 1% each with the best lead drop in 10 days

Bombay: The Nifty ended their 2-day losing streak and held steady at 16,800 despite intraday volatility. The 50-stock index faced resistance near the OPEN GAP at 16966.

Nifty Bank ended its 6-day losing streak and closed above 34,500 despite intraday volatility. The tilt gauge made an inside bar with the closure being lower than the opening.

The Nifty Midcap broke their 6-day losing streak despite falling more than one percent from the day’s high, while Nifty Smallcap snapped their 4-day losing streak despite losing more than one percent. ‘one percent from its intraday high. The lead-decline was the best in 10 days on NSE.

Nifty Metal rebounded off its 200-day moving average and recovered more than 4% from its 2-day low. Nifty IT is on the verge of a breakout above the downtrend line from its all-time high and Nifty Pharma has achieved a bullish morning star pattern. Nifty Bank, Financial Services and PSU Bank recovered less than 2% each from their 2-day low. All sector indices rose in the previous trading session except Nifty PSU Bank.

Foreign investors provisionally sold Indian stocks worth Rs 1,210 crore in the cash segment and bought Rs 7,388 crore in the futures and options segment. They increased the net long position in index futures to 66% from 53% the previous day. That’s above the December average of 65 percent. National institutions bought Indian stocks worth Rs 1,405 crore on the spot market.

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Navbharat Navnirman Manch is moving towards Uttarakhand on December 22 from 11 a.m. on #TimesNowNavbharat


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