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Published on 27/02/2020 4:17:28 PM | Source: HDFC Securities Ltd

Technical View On Daily Market Of 27 February 2020 By Mr. Deepak Jasani, HDFC Securities

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Below is the Views On Daily Market Quote By Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Indian markets corrected further on Friday for the fifth consecutive session. Weekly F&O expiry led to early morning weakness. A recovery from the lows helped to erase some of the morning losses. The Nifty lost 45.2 points or 0.39% to close at 11,633.3.

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 gainers were the BSE CD and Healthcare indices. The top losers were the BSE Realty, Oil and Gas, Metal and IT indices.

Most Asian and European shares fell again on Thursday, with travel stocks taking the biggest knock, as a jump in new coronavirus cases outside of China deepened fears of a pandemic that could dent global growth.

Shares fell in Asia on Thursday after President Donald Trump announced the U.S. was stepping up its efforts to combat the virus outbreak that began in China. European stocks followed Asia’s lead with heavy declines at the start of trading. The European countries of Estonia and Denmark both reported their first confirmed cases of coronavirus Thursday morning.

China’s National Health Commission said there were 433 new confirmed cases and 29 additional deaths as of Feb. 26. South Korea, where there is the second largest outbreak after China, confirmed a surge of 334 more cases on Thursday morning, bringing the country’s total to 1,595.

Technically, with the Nifty moving down further, traders will need to watch if the Nifty can now hold above the next major supports at 11579-11614; else the current downtrend is likely to continue. Any pullback rallies could find resistances at 11695-11779.

 

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