The Nifty closed flat with a positive bias over the past week amid the volatility. The 50-stock index trended downward during the last trading day of last week.

Trade setup for Indian stock markets for December 27, 2021 | Photo credit: BCCL

Highlights

  • Nifty did a ‘bearish engulf’ on the last day of the week
  • Nifty Bank underperforms in December 2021
  • Nifty Midcap made ‘bearish engulf’ just below 100-DMA

Bombay: The Nifty closed flat with a positive bias over the past week amid the volatility. The 50-stock index trended downward during the last trading day of last week. It has also managed to fall on the last trading day of the week every time for the past 6 weeks.

Nifty Bank fell for the second week in a row, with the Federal Bank and AU Small Finance Bank losing more than 5% each. The banking gauge has underperformed since the start of the month with a drop of more than 2% in December 2021 so far.

The Nifty Midcap Index continued its decline for the second week in a row. The Nifty Midcap engulfed bearish just below the 100 day moving average while the Nifty Smallcap engulfed bearish just below the 50 day moving average.

Nifty Pharma made a bearish Evening Star pattern just below the 50-day moving average. Among other industry highlights – Nifty IT won the 2nd consecutive week led by HCL Technologies, Nifty Pharma posted the best week of the last 4, Nifty PSU Bank fell the 2nd consecutive week similar to the Nifty Financial Services index.

Foreign investors sold Indian stocks worth Rs 715 crore in the cash segment on an interim basis and sold Rs 4,825 crore in the futures and options segment. They increased the net purchase of index futures to 65.7% from 66.1% the day before. That’s above the December average of 65 percent. National institutions sold Indian stocks worth Rs 43 crore on the spot market.

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