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Below is the Views On Daily Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Equity markets continued to correct for second day in a row on account of rising fear with regards to coronavirus. Nifty ended 0.6% lower to close at 12032. Broader markets also ended lower with Nifty Midcap 100/Nifty Smallcap 100 down 1%/1.1%. All the sectors ended in red with Metals (-3%) being the biggest loser, followed by Auto (-2.5%), Media (-1.6%) and Realty (-1%). The global sentiments continue to be dampened led by rising coronavirus death toll and economic damage it can lead to.
Going ahead, markets would continue to be volatile as it would closely watch the developments over coronavirus and its economic impact. Investors would also be cautious ahead of the macroeconomic data-points due to be released during the week including CPI/ WPI Inflation and IIP data. Further, this would also be the last week of the earnings season which would keep the markets volatile.
Technically, Nifty formed a bearish candle on a daily chart. Going forward, immediate support is placed at 11950 then 11900 levels; on the flipside, a sustainable move above 12100 mark may lead to an up move towards 12200 then 12250 zones.
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