Nifty Today: “No Nifty, No Cry” - 23 Feb’22

Nifty View: Disappointing close from the Nifty index in today's trade as it slipped over 150 points from its intraday high of 17,218 to manage to close marginally above the psychological 17K mark. The index failed to hold on to its early gains and continues to stay in a downtrend across the short-term and intermediate timeframe. Sectoral indices were nicely divided among gainers and losers, and we finally saw some bounce back from the broader markets like the small and midcap indices. But in terms of the underlying trend, momentum and the overall sentiment, equity as an asset class continues to stay under pressure. If you are predominantly a long-only trader, then it is advisable to stay in the sidelines and wait for the trend to reverse.

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