Daily Markets - July 6, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities
Indian indices ended higher for the fourth straight session on July 6 on the back of positive global cues and despite no positive news on Covid-19 front. At close, Nifty up 156.30 points or 1.47% at 10763.70. Nifty closed at the highest level since March 2020.
Volumes on the NSE were above recent average with Banks, Auto, Metals and Realty stocks performing well while Pharma stocks underperformed. The India Volatility index ended at a four-month low, down 2.2% to 25.19.
Asian shares scaled four-month peaks on Monday as investors counted on a revival in Chinese activity to boost global economic growth. Also better than expected regional economic data and elevated liquidity levels boosted positive sentiments. European shares headed towards a one-month high on Monday, with a rally in China's markets setting an upbeat tone as investors banked on the world's second biggest economy to lead a recovery from the coronavirus-induced slump.
Technically the Nifty keeps surpassing one resistance after the other.10827-10943 band is the next set of resistance. Over the next few days 11100-11150 on the Nifty seems likely. 10631 is the support. However Nifty has made a few upgaps in this upmove. These could be filled in the next fall.