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Published on 23/09/2020 5:16:13 PM | Source: Emkay Global Financial Services Ltd

Market Quote by Mr. S Hariharan, Emkay Global Financial Services

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Below is the Views On Market Quote by Mr. S Hariharan - Head - Sales Trading, Emkay Global Financial Services

‘’India has under-performed EM & Asian peer set over the last week, with significant unwinding by Retail participants in futures segment acting as offset to institutional buy flows. Domestic institutions have turned buyers on net after a gap of 2 months. Bank nifty continued its downward momentum after confirming a failed breakout last week – however, it is currently around an important support level at 21200, and can outperform broader indices going ahead. Our empirical analysis of weekly RSI levels in IT & Pharma indices points to a period of flat to negative performance over the coming 3 months, while rotation into FMCG stocks appears to be emerging as the index is near its 200-DMA.’’

 

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