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

Indian equity benchmark indices fell sharply on Nov 19, falling the most in nearly a month. Indices sold off post 1230 pm local time even as European markets came under selling pressure due to lockdown related fears. At close the Nifty 50 index fell 1.3% to end at 12,771.7.

Volumes on the NSE were the highest in 6 days. Banks, Auto, IT, Realty were the main losing indices while FMCG and Media index gained. Midcap and smallcap indices fell less.

World stocks fell for the third day in a row on Thursday tracking overnight weakness in Asia and Wall Street as widening COVID-19 limitations weighed on market sentiments.

Nifty has formed a triple top in the near term over the past three days in the 12934-12963 band. For the upmove to continue it would be necessary to breach this band. On downside 12607-12770 could offer support.

There is a slight damage to the bullish sentiment in the markets. In case we do not get another negative trigger soon, we could recover from this setback.

Source : Equity Bulls

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