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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 its positive movement on account of positive global cues. Nifty ended near three weeks high at 12201, up 0.8%. However, broader markets did not participate today and closed in red with both Nifty Midcap 100/Nifty Smallcap 100 down 0.2%. Sectorally it was mixed with FMCG being the biggest gainer while PSU banks being the biggest loser.
With fears abating with regards to coronavirus spread and the Fed chairman's optimistic view on the economy, the global sentiments have got uplifted. Today inflation and factory output data would be released by the end of the day, the reaction of which would be seen tomorrow in the market. Further Nestle, BPCL and Page Ind among others would be declaring their results tomorrow, thus lot of stock specific action would be seen in the market.
Technically, Nifty formed a Bullish candle on daily scale. It has been making higher highs - higher lows from last two trading sessions and supports are gradually shifting higher after the consolidation of last couple of sessions. Now it has to continue to hold above 12150 zones to witness an up move towards 12280 then 12350 zones while major support shifts at psychological 12000 zones.”
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