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Below is the Views On Daily Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
“Markets ended on a positive note with Sensex/Nifty touching all-time high of 42,000/12,389 after US and China signed an initial trade deal. Both Sensex/Nifty were up 0.1% to close at 41,933/12,354. All the sectors ended in green except Metals (-1.3%), led by Media (+1.4%), Realty (+0.7%), and Pharma (+0.4%). Broader market continued outperforming the benchmarks as both Nifty Midcap 100/Nifty Smallcap 100 advanced 0.8%/0.5%. Profit booking was seen today after the news that tariff on China would continue till the US Presidential elections were over.
Market sentiments were positive as China said that it would boost spending on US products in exchange for the rolling back of some tariffs under an initial trade deal signed by them. Further, the market is building expectations for some of the measures that can be announced in the upcoming budget. Thus we are witnessing sector specific and stock specific action as the Q3 earnings season progresses and as expectations to the run up to the budget build-up for certain sectors.
Technically, Nifty formed a Doji candle on daily chart, indicating indecisiveness among market participants. Though index is trading near its resistance level, we are not seeing any noticeable weakness in prices. Thus, traders are advise to refrain taking pre-emptive shorts till Nifty sustains above its immediate support of 11280 – 12293 zone. While major support exists at 12150 levels. On the flipside, resistance is placed in the zone of 12450 – 12500.”
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