Daily Market Wrap-Up - Oct 19, 2020 - Angel Broking

Mr. Aamar Deo Singh - Head Advisory, Angel Broking Ltd

"Markets witnessed a sharp rally in todays' trading session, on the back of positive global cues, and strong upmove in the banking and financial stocks. The benchmark Index Nifty 50 closed @ 11,873, up 110 points. Advances outnumbered declines by almost 2:1. Amongst the Top 3 Nifty gainers were Icici Bank, Axis Bank and Nestle whereas Eicher Motors, Hero Motocorp and Cipla were the Top 3 Nifty losers. Overall, the uptrend remains intact but we are likely to see enhanced volatility in coming weeks, with crucial support for the Nifty seen around 11600-11650 levels whereas resistance is seen around 12000-12050 zone."

Mr. Keshav Lahoti - Associate Equity Analyst, Angel Broking Ltd

"Indian market rallied due to rally in banking sector post HDFC Bank strong Q2FY21 result and positive global cues. Sensex , Nifty and Nifty Bank closed up by 1.1%, 0.9% and 3.1% respectively. On the sectoral indices front, it was a mixed day, Bank, FMCG, Metal, Realty closed in green. Whereas Auto, IT, Pharma closed in red. Top gainers of the Nifty were ICICI Bank (5.3%), Axis Bank (4.4%) and Nestle (4.3%). Top losers of the Nifty were Divis Labs (4.0%), Eicher Motors (3.2%) and Hero Motocorp (2.9%). Dow Futures and Nasdaq Futures were up by 0.7% and 1.1% respectively, while FTSE was flat. In this week, leaders of the industry such as ACC, HUL, Britannia results will be announced, which will decide action for that specific sector. Next few days, market action will be dependent on result announcement, management commentary post result and global happenings."

Source : Equity Bulls

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