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Published on 25/03/2020 5:18:48 PM | Source: HDFC Securities Ltd

Views On Market Performance By Mr. Deepak Jasani, HDFC Securities

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Below is the Views On Market Performance By Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Indian Markets rallied sharply on Wednesday after a shaky morning session. This was the second session of gains. The upward acceleration happened once the Nifty crossed the previous day’s highs. The Nifty gained 516.8 points or 6.62% to close at 8,317.85.

Asian and European markets surged after the Senate and the White House reached agreement over a $2 trillion stimulus package to shore up the US economy against the coronavirus. While there is a lot of momentum in the risk-on rally, volatility remains on overdrive and 2-3 consecutive days of gains are still awaited across the globe even as news on virus front does not moderate in terms of its worst outcomes. Dire economic numbers expected over the next few days, though partly discounted can impact sentiments.

Technically, while the Nifty has bounced back, the short term trend remains down. The Nifty could resume its downtrend if the immediate supports of 8174-7966 are broken. Any further pullback rallies could find resistances at 8377-8576.

 

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