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Below is the Views On Today’s Market Performance by Mr. Deepak Jasani, Head Retail Research, HDFC Securities
Indian equity markets began the shortened week on a decisive note, staging their biggest one-day gain since May 2009. Nifty gained 8.7 percent to end at 8,792.
Global Stock markets on Tuesday followed up on Wall Street’s Monday rally amid continued signs that the coronavirus outbreak may be peaking in a number of hard-hit places. European markets traded sharply higher Tuesday as investors hoped that the region could be seeking a plateau in the coronavirus outbreak. Asian stock markets rallied for a second day on Tuesday, and riskier currencies rose, buoyed by tentative signs the coronavirus crisis may be levelling off in New York and receding in Europe.
In India, volumes on the NSE flared up as traders rushed to cover shorts and/or square up their option positions resulting in IV eroding. Defensive and old economy stocks were both in demand.
Technically the Nifty has rebounded well after forming a higher bottom at 8056. On upmoves, it could face resistance at 9039, while 8678 could offer support for the near term. Indian markets could join South Korea, Philippines and Indonesia in rising 20% + from recent bottom when it touches 9013 (Nifty).
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