Daily Markets - June 22, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Indian equity markets held on to partial gains on June 22, with the NSE Nifty 50 index reversing from its 200-Weekly Moving Average. The index rose for the third consecutive day. The NSE Nifty 50 index closed 0.65% higher at 10,311, after falling about 80 points from the top.

Volumes on the NSE were higher than normal with Telecom, Banks/NBFCs, Auto and Materials shares rising while IT And Oil & Gas underperforming.

Equities across Asia's markets struggled for traction on Monday as worries about a second wave of coronavirus infections kept investors on the sidelines. Most Asian markets ended marginally in the negative. Stocks in Europe moved between gains and losses on Monday, on worries the spread of coronavirus will force countries to limit or reverse their lockdown-easing measures.

Technically, the Nifty has formed a doji after a three day rise suggesting pause and possibly a minor reversal from here. On upmoves, 10394-10458 could offer resistance while 10167-10244 could offer support.

Source : Equity Bulls

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