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Below is the Views On Daily Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
“Equity markets started the week on a negative note on back of weak global cues. Nifty was down 1.1% to close at 12119. Sensex sees 2nd biggest fall of 458 points in January, dropping to its lowest level in a month. However, broader market continued outperforming, with Nifty Midcap 100 down just 0.4% while Nifty Smallcap 100 was up 0.03%. All the sectors ended in red except Pharma (+1.5%). Metals (-3.1%) was the biggest loser followed by Banks (-1.3%) and FMCG (-1%). Market sentiments got dampened by rising concerns over fast-spreading coronavirus, as it might lead to slowdown in the global economy. Investors were also cautious ahead of Union Budget which is at the end of this week.
This week would see high volatility as lot of macro data on the global and domestic front would be announced along with the Union Budget. Further there is also F&O expiry this week just ahead of Budget which would add to the volatility. Further heavyweights like SBI, HUL, Bajaj Finance, Maruti, Bajaj Auto, Indian Oil, HUL among others would be announcing their results this week which would also keep markets busy.
Technically, Nifty formed a Bearish Candle on a daily scale as supply pressure was visible at higher levels. However, it is hovering near its crucial 5O-DEMA which is acting as support from past few sessions. Going forward, if Nifty fails to surpass above 12150-12200 zones then it could drift towards next major support of 12050-12000 zones while on the upside hurdle is seen at 12200 then 12250 levels.”
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