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Published on 30/12/2019 5:47:24 PM | Source: Motilal Oswal Financial Services Ltd

Views On Daily market commentary 30 December 2019 by Mr. Siddhartha Khemka

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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 ended flat amidst a lacklustre session given year-end holidays. Sensex ended 17 points lower at 41,558 while Nifty settled marginally higher 15 points at 12,260. In the broader market, Nifty Midcap 100 gained 0.4% while Nifty SmallCap 100 was up 0.6%. Sectorally, all indices ended positively except PSU Banks. Auto Index was the biggest gainer with 1.5% gains followed by Metals (+1.2%), FMCG and Pharma. Oil touched three-month high on a combination of US crude inventory drawdowns, trade optimism and unrest in the Middle East.

Lack of fresh triggers and year-end holidays is likely to keep markets lacklustre over the next few days. Given reasonable valuations, midcaps and smallcaps have been outperforming largecaps for past few weeks. We expect this trend to continue in 2020. Auto sector would be in focus as they would report their monthly sales numbers as well as news regarding government’s scrappage policy. Investors are awaiting updates on the signing of a trade deal between the US and China while keeping an eye on oil prices which is currently at 3-month high. 

Technically, Nifty formed a small bodied candle with lower shadow on daily scale as dips are being bought into at lower levels. It started making higher highs- higher lows from past two trading sessions, which is a positive sign for the index. Overall trend is positive and we maintain our buy on dips strategy till it holds above 12150 levels. On upside, we may see an up move towards 12350 then 12400 zones; while on the downside support is seen at 12200 then 12150 levels.”

 

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