Daily Markets - May 20, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Indian equity indices rose for the second straight session on May 20, after a post 1330 Hrs surge took benchmark indices to their highest point of the day. The NSE Nifty 50 index ended with gains of 187.4 points or 2.1 percent at 9,066, recovering almost 200 points from the lowest point of the day.

The rally was led by Auto, Pharma, select old economy stocks, select financials, FMCG and stocks that reported better than expected results or commentaries over yesterday and today. Expectations out of Union Cabinet meeting and unconfirmed reports of the outcome also helped sentiments.

Global shares were mixed Wednesday as market players wavered between hopes for recovery as economies gradually reopen and worries over the havoc caused by the pandemic.

Technically Nifty has given first signs of providing a meaningful rise by breaking above 9044. The next resistance is at 9158, while the support is at 9044-9000 band.

Source : Equity Bulls

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