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 The Nifty rallied over 200 points from day’s low to close just below 17100. The 50-stock index closed less than 0.5 percent below its 20-day moving average resistance. 

Trade setup for Indian equity markets for December 28, 2021


Trade setup for Indian equity markets for December 28, 2021&nbsp

Key Highlights

  • Nifty closed less than 0.5% below 20-DMA resistance at 17150

  • Nifty Bank closed less than 2% below 200-DMA resistance at 35713 

  • Nifty Small & Midcap underperformed 2nd day in a row 

Mumbai: The Santa rally continued on Wall Street with the S&P 500 index hitting an all-time high. It is set to gain 3rd year in a row and has more than doubled since the pandemic low. 

The Nifty rallied over 200 points from day’s low to close just below 17100. The 50-stock index closed less than 0.5 percent below its 20-day moving average resistance.

The Nifty Bank rallied over 800 points from day’s low to close above 35000. The banking gauge closed less than 2 percent below its 200-day moving average. 

The Nifty Small & Midcap recovered more than 1.5 percent from their day’s low & continued to underperform 2nd day in a row. 

The Nifty PSU Bank bounced from its 200-day moving average while Nifty IT hit an all-time high level. Among other sector highlights – Nifty Pharma gained over 1.5 percent to test its 50-day moving average for the first time in almost 2 months, Nifty Media declined 3rd day in a row, Nifty Financial Services gained most since 8 December 2021 and Nifty IT rallied almost 6 percent in last 5 days. 

Foreign investors sold Indian equities worth Rs 1038 crore in the cash segment on a provisional basis and bought Rs 8852 crore in the futures & options segment. They increased the net long in index futures at 67 percent vs 66 percent on the previous day. That’s above the December average of 65 percent. Domestic institutions bought Indian equities worth Rs 956 crore in the cash market. 


 

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