Daily Markets - Oct 29, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices witnessed a roller coaster ride on Oct 29. Nifty opened lower, rose to make an intraday high around noon and fell again to revisit the lows at 1430 Hrs. At close the Nifty closed 0.5% lower at 11,670.8.

Volumes on the NSE were in line with recent averages. IT and Energy indices were the only gainers, while Media, Auto, FMCG, Metals and Pharma indices ended up in the red.

Asia's stock markets fell on Thursday, but did not see the panic selling seen in Europe and the United States in the previous session. European markets started Thursday on a firmer footing after concerns even as investors were bracing themselves for a big day on the economic front, including the European Central Bank's latest monetary policy statement.

Nifty broke the support of 11661 on an intra day basis but closed above it. A breach of this level could take the Nifty down to 11578-11604 band. Negative advance decline ratio over the last few sessions denote continuous profit taking by local institutions and non institutional players. Our markets will look forward to panic settling down elsewhere to stabilise and see some upmove.

Source : Equity Bulls

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