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Below is the Views On daily markets note by Mr. Siddhartha Khemka, Head - Retail Research,Motilal Oswal Financial Services Private Ltd.
“Equity markets ended marginally higher amidst a volatile session. Both the Sensex/Nifty closed flat with gains of 0.1% at 40,487/11,938. Sectorally it was a mixed bag with Auto leading the pack with gains of 0.8%, followed by Metals, Oil & Gas and Energy. On the other hand, Realty (-1.6%) was the biggest loser followed by Media, IT and FMCG. Market was range-bound as it turned cautious ahead of important events this week both domestically and globally. Further with US reporting strong jobs data and China reporting weak exports, investors are worried again over US-China trade deal.
Market is likely to remain range-bound in near term as current Nifty valuation captures the sharp earnings recovery expected in FY21 and leaves limited room for upside. Going forward, market would be driven by CPI, IIP and WPI numbers scheduled for release this week. On the global front, US Fed and ECB meeting, along with Brexit and trade deal developments would drive the markets.
Technically, Nifty formed a Doji candle on daily chart, which indicates indecisiveness among the market participants. In the week gone-by, it formed a Bearish Engulfing pattern on weekly chart and a sustainable move below 11888 may lead to a correction towards 11800 and then 11700. On the flipside, immediate hurdle is placed at 12050 and then all-time high of 12158 levels.”
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