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Published on 9/10/2019 5:26:00 PM | Source: HDFC Securities Ltd

Daily Market Note by Mr. Deepak Jasani, HDFC Securities 09 October 2019

Posted in Market Outlook| #Market Outlook #HDFC Securities

Below is the Views On Daily Markets Note by Mr. Deepak Jasani, Head Retail Research, HDFC Securities

 

Markets corrected on Friday after the gains seen in the previous session. The weakness came on the back of a fall in some key Asian markets and weak US markets overnight. The Nifty lost 58.8 points or 0.51% to close at 11,512.4. Volumes on the NSE are back to normal after 5 days of unusually large volumes.

Broad market indices like the BSE Mid Cap and Small Cap Indices lost more, thereby underperforming the Sensex/Nifty. Market breadth was negative on the BSE/NSE. Sectorally, the top gainer was the BSE Telecom index. The top losers were the BSE Metal, Realty, Healthcare and Auto indices.

Asian shares slipped to three-week lows on Friday as the release of a whistleblower complaint against U.S. President Donald Trump added to uncertainties about the global economy, already reeling from the China-U.S. trade war.

European shares rose on Friday, with London listed mining stocks driving gains due to a weaker pound, while hopes of a quick resolution to the U.S.-China trade war offset worries about slowing economic growth.

Technically, while the Nifty has corrected today, the index remains in a firm uptrend. Further upsides are likely once the immediate resistance of 11593 is taken out. Crucial supports to watch for any weakness are at 11491

 

HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475

 

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