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Published on 17/01/2020 5:44:06 PM | Source: Motilal Oswal Services Ltd

Daily Market Commentary 17 January 2020 by Mr. Siddhartha Khemka

Posted in Market Outlook| #Market Outlook #Motilal Oswal

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Below is the Views On Daily Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Markets ended the lacklustre session on a flat note with Sensex up 0.03% to 41,945 while Nifty down 0.03% to 12352. Sectorally it was a mixed bag with pharma, auto, infra and energy indices ending higher while banks, metals and IT witnessed selling. Broader market continued outperforming the benchmarks as both Nifty Midcap 100/Nifty Smallcap 100 advanced 0.5%/0.3%. Profit booking was seen on account of SC verdict on AGR and cautiousness ahead of quarterly results of few heavyweights.

 Few heavyweights like Reliance Industries, TCS and HDFC Bank would be declaring their results over the weekend. Next week also ICICI Bank, JSW Steel, Zee, Havells, HDFC AMC, etc would be declaring their results. Thus market would be witnessing sector specific and stock specific action as the Q3 earnings season progresses and as expectations to the run up to the budget build-up for certain sectors.

 Technically, Nifty formed a small body candle on daily chart. It formed an inside bar pattern on daily scale, indicating indecisiveness among market participants. Traders are advise to refrain taking pre-emptive shorts till Nifty sustains above its immediate support of 11280 – 12293 zone. While major support exists at 12150 levels. On the flipside, resistance is placed in the zone of 12450 – 12500.

 

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