Daily Markets View - Nov 2, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian Benchmark equity indices broke the 3-day losing streak and ended higher on Nov 02. At close, the Nifty was up 26.80 points or 0.23% at 11,669.20. Nifty ran into selling pressure at the opening and made an intraday low at 1000 Hrs. It later made higher top higher bottom and made an intraday high at 1430 Hrs. Some profit taking towards the end chipped off some gains.

Volume on the NSE was above recent average. Except Banks and FMCG all sectoral indices ended in the red.

India's PMI for October 2020 came in at the highest in more than a decade as sales continued to surge. The IHS Markit India Manufacturing Purchasing Managers' Index rose to 58.9 in October 2020-the highest since mid-2008-from 56.8 in September.

Global shares recovered from one-month lows on Monday as upbeat Chinese and European PMI data offset new lockdowns in Europe, even as investors prepared for more volatility arising from the U.S. presidential election.

Markets have shown some signs of stability ahead of the US Presidential elections, however a negative advance decline ratio does not give enough confidence. Nifty could face resistance in the 11775-11810 band while 11608 could provide support in the near term.

Source : Equity Bulls

Keywords