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December 27, 2021 / 04:33 PM IST
Prashanth Tapse, Vice President (Research), Mehta Equities:
Nifty ends in the green despite negative headwinds —— short-sellers seen getting squeezed. The positive takeaway from today’s trading session was that after a gap-down opening, Nifty lacked follow-through on the sell-side and most importantly, recouped all its losses and finished with decent gains led by fresh buying in select pharma and private banking shares. IT stocks also logged notable gains.
Morning volatility was primarily on the backdrop of RBL Bank stock which did hit a 52-week low at Rs 130 after the bank said that Vishwavir Ahuja, its managing director, and chief executive officer, had gone on leave and the RBI had appointed Yogesh K Dayal as an additional director of the bank Bottom-line: Bulls hold the rein despite FIIs selling, spiking inflation, a hawkish Fed, and overvaluation concerns.
Technically, all aggressive bullish eyes will be on Nifty’s biggest inter-week hurdles at the 17247-17389 zone. Honestly speaking, if Nifty powers higher above the 17389 mark, then expect — it will be again all roses for our stock markets. The make-or-break support on Nifty is seen at the 16663 mark. Key supports for Tuesday’s trade are placed at the 16833 mark.
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Read More: Closing Bell: Sensex, Nifty End Higher Amid Volatility; IT, Pharma Outshine