| Indian Market | 24-Dec-21 | ||
|---|---|---|---|
| Weekly Change | Close | Change | % chg |
| Nifty | 17003.75 | 18.55 | 0.11% |
| Sensex | 57124.31 | 112.57 | 0.20% |
| Banknifty | 34857.05 | -761.60 | -2.14% |
| Indian Market | 24-Dec-21 | ||
|---|---|---|---|
| Weekly Change | Close | Change | % chg |
| Nifty Mid-Cap 100 | 29612.85 | -326.45 | -1.09% |
| Nifty Small-Cap 100 | 10849.40 | -0.15 | 0.00% |
| India VIX | 16.15 | -0.19 | -1.16% |
| US Market | 24-Dec-21 | ||
|---|---|---|---|
| Weekly Change | Close | Change | % chg |
| Dow 30 | 35950.56 | 585.12 | 1.65% |
| S&P 500 | 4725.78 | 105.14 | 2.28% |
| Nasdaq | 15653.40 | 483.70 | 3.19% |
Key Events of last week
- Nifty & BSE Sensex ended the week flat, Banknifty was down 2 % as Banking and financials underperform. Nifty tested 16410 level just short of 200-DMA & Banknifty trading below 200-DMA @ 35723.
- Started the week on weak note as Indices tested fresh 3 months low on OMICRON fear. FII continues to it sell – so for FII sold 33276 crores in December and 98749 crores from 1-Oct-21 to 24-Dec-21.
- Post Accenture result – IT stocks are trading near fresh high and few Mid-Cap IT stocks have managed to cross previous high and made fresh 52 week high.
- PM Narendra Modi reviewed OMICRON situation in Indian and warned states. Experts believe cases could rise speedily in January 2022.
- US Market near it recent high despite US Fed increase pace of tapering and high inflation may lead to a rate hike as early as March 2022.
Market View & Key factors - last week of 2021
- FII continues to drag market down, DII countering with buy figure for December 2021 is now at 26957 crores.
- With last trading week for 2021, we expect FII selling to exhaust and this could be big relief rally going into Q3 result season & Union Budget on 1-Feb-21.
- OMICRON spread across US, UK and other European countries remains key concern in near term.
- Indices have corrected around 10 percent from recent high & Banknifty have corrected around 18 percent from high made in October 2021 post ICICIBANK’s result.
- We believe Mid-Cap & Small-Cap are at attractive valuation and are positioned for a pre-Budget rally and we are positioned accordingly. We may review our stance if 20-Dec-21 lows are broken again.
Approach & View on Concept
- We believe, this week will be critical and technically rally is required for market from current level, in case 16800 – 16400 level is broken on downside – it could potentially open up for significant downside. We expect sharp rally in next 2 weeks ahead of result season and will review our stance if fresh lows are tested.
Disclaimer: The market view and updates we are sharing are true to the best of our knowledge and sharing just for information purpose and any action would be purely investor’s own responsibility. Investor are advised to take necessary guidance from certified adviser and hence we will not be responsible for any profit or loss incurred due it. We do not have PMS license and we are not recommending anything to buy or sell.