Daily Market Wrap-Up - Nov 3, 2020 - Angel Broking

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

"Markets continued to shrug off the US Presidential Elections jitters, with Bank Nifty witnessing a second consecutive spectacular day of rally, gaining 3.17%. Banks & Financials led from the front, ahead of the Supreme Court hearing on Loan Moratorium on 5th November. Nifty, too witnessed a sharp rally, ending the day @ 11,813, up 144 points. Amongst the Top 3 Nifty gainers, ICICI Bank, Hindalco and SBI, whereas UPL, NTPC and Reliance, were the Top 3 Nifty Losers. Reliance, the index heavyweight continued to be a drag on the index. Overall, markets are expected to remain volatile due to this being US election week, so trading with caution is advised. Overall, Nifty has support around 11600-11650 whereas resistance is seen around 11950-12050."

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

"Sensex and Nifty closed up by 1.3% and 1.2% respectively due to rally in banking and metal stocks after strong results reported by the companies in this sector. Nifty Bank rallied sharply for the second consecutive day of the week by 3.2%. Top gainers of the Nifty were ICICI Bank (6.3%), Hindalco (5.3%) and SBI (4.4%). Top losers of the Nifty were UPL (6.4%), NTPC (3.6%) and Reliance Industries (1.4%). Reliance Industries Nifty heavyweight continues to be in correction zone due to weak quarterly results reported by the Company. Global cues were supportive: Dow Futures, Nasdaq Futures and FTSE were up by 1.6%, 0.9% and 1.8% respectively. We expect volatility to continue in the market due to the US election result."

Source : Equity Bulls

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