Daily Markets - July 16, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Benchmark indices ended higher for the second consecutive day on July 16 ending the weekly options expiry session on a strong note, led by a last hour recovery in banking and pharma stocks. At close, the Nifty was up 121.80 points or 1.15% at 10740. NSE Volumes were high with Infosys, BPCL and CIPla gaining the most among frontline stocks. IT, Banks did well while Media underperformed.

Global Stocks fell on Thursday as investors parsed mixed economic data from China and waited for guidance from the European Central Bank over its bond buying program. The euro is slightly softer ahead of this afternoon's ECB rate decision, which is expected to see no change in policy.

Technically, with the Nifty bouncing back smartly and rallying strongly in the last 45 minutes of trade, the bulls are not willing to give up easily. Today's rally has come with the Nifty holding above the 200-day EMA, which indicates that the rally could continue for a while. Bullish bets are off if the Nifty closes below the immediate lows of 10595-10533.

Source : Equity Bulls

Keywords