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Bulls staged a smart comeback after 2 days of resting. Positive outlook by the principal economic adviser also aided domestic sentiment. There have been some encouraging signs with respect to the spread of coronavirus as news reports suggested that the epidemic could plateau in the next few weeks. However, it continues to remain one of the key monitorable for global markets, including India. On the domestic front, the last leg of earnings announcement would induce stock-specific volatility. Further, key macroeconomic data like CPI, IIP and WPI would also be actively tracked by the investors and traders. The Sensex snapped 2-day losing spree & went up by 237 points at 41216 & Nifty reclaims 12100 up by 76. Though the market movements would be linked to global market sentiment in the short run, the ultimate direction would be decided by domestic earnings. So far, the quarterly results have been better than expected.
We expect market would remain volatile in the near term. The index formed a bullish candle on the daily scale and needs to hold above 12100 to extend gains towards 12150, and then 12200 -12250 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 12050 and then 12000 levels. It has been making higher top and lower bottom formation and supports & resistance are gradually shifting lower & higher. The medium term support will be at 11900.
Bulls staged a smart comeback after 2 days of resting. Positive outlook by the principal economic adviser also aided domestic sentiment. There have been some encouraging signs with respect to the spread of coronavirus as news reports suggested that the epidemic could plateau in the next few weeks. However, it continues to remain one of the key monitorable for global markets, including India. On the domestic front, the last leg of earnings announcement would induce stock-specific volatility. Further, key macroeconomic data like CPI, IIP and WPI would also be actively tracked by the investors and traders. The Sensex snapped 2-day losing spree & went up by 237 points at 41216 & Nifty reclaims 12100 up by 76. Though the market movements would be linked to global market sentiment in the short run, the ultimate direction would be decided by domestic earnings. So far, the quarterly results have been better than expected.
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