Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel https://t.me/InvestmentGuruIndia
Download Telegram App before Joining the Channel
Below is the Views On Daily Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Equity markets bounced back today and traded in green throughout the session on account of positive global cues. Nifty ended 0.6% higher to close at 12108. Broader markets also ended in green with Nifty Midcap 100/Nifty Smallcap 100 up 0.1%/0.2%. All the sectors ended in green except FMCG which was down 0.4%. Media was the biggest gainer with gains of 1.6%.
Global sentiment turned positive as a slowdown in the rate of new infections in the coronavirus outbreak provided some relief. Further Chinese workers and factories slowly returned to business following a Lunar New Year holiday that was extended due to the deadly coronavirus outbreak. Even oil prices rose after weeks of decline as China resumed business; however the market would assess demand situation in China over next few sessions.
Though spread of coronavirus has shown some signs of slowdown, markets would continue to closely watch the developments over it and its economic impact. Investors would also track how the economic activity picks up in China as it resumed business today. Further lot of macroeconomic data-points are to be released during the month both domestically and globally which would also keep the markets cautious. UK GDP data will be released today while India’s CPI Inflation would be released tomorrow. Further, this would also be the last week of the earnings season; thus lot of stock specific action would be seen.
Technically, Nifty formed a Doji Candle with long upper shadow on daily scale which indicates tug of war between Bulls & Bears and absence of follow up buying at higher zones. Index has been consolidating in between 12000 to 12172 zones from last four trading sessions where declines are being bought but supply pressure is intact at higher levels. Now it has to continue to hold above 12050 zones to witness a up move towards 12172 then 12222 levels while on the downside major support is seen at 12000 then 11950 levels.
For More Motilal Oswal Securities Ltd Disclaimer http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html SEBI Registration number is INH000000412
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer