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Below is the Views On Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
“Equity Markets continued with its positive momentum for second consecutive day on the back of lower crude oil prices and high expectations from the upcoming budget. Nifty gained 0.6% to 12248. Broader market continued outperforming, with both Nifty Midcap 100/Nifty Smallcap 100 up 0.9%/0.8%. All the sectors ended in green except Pharma (-0.1%). Metals (+1%) and Media (+1%) were the biggest gainers followed by Banks (0.8%) and FMCG (+0.8%). Market sentiments were also supported by the huge FII buying seen yesterday. Global markets recovered after the World Health Organisation designated coronavirus infection an emergency for China, but not yet for the rest of the world. Brent futures fell to their lowest in seven weeks on concerns that the virus outbreak in China may dent fuel demand.
Next week would be an elongated week as markets would be open on the Budget day (1st Feb). Market would trade cautiously as lot of macro data on the global and domestic front would be announced along with the Union Budget. Further heavyweights like SBI, HDFC Ltd, HUL, Bajaj Finance, Maruti, Bajaj Auto, Indian Oil, HUL among others would be announcing their results next week which would also keep markets busy.
Technically, Nifty negated its formation of lower highs after four trading sessions which indicates strength. It formed a Bullish Candle on daily chart whereas Bearish Engulfing get formed on Weekly scale. Momentum oscillator RSI is also took support around its recent swing lows of 44 – 46 zone and turned northwards. Going forward, if Nifty holds above 12150 levels, then an up move towards 12300 and 12350 cannot be ruled out. However, major support remains intact at 12100 and 12050 levels.”
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