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Daily Markets - April 20, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Posted On: 2021-04-21 03:53:42 (Time Zone: UTC)


Indian Benchmark equity indices extended their decline to a second session even as Maharastra added to lockdown-like curbs amid rampant Covid cases. The Nifty opened higher and kept falling through the day with the downfall accelerating post 1415 Hrs. At close, the Nifty was down 63.10 points or 0.44% at 14,296.40. The broader markets did better with the S&P BSE MidCap and S&P BSE SmallCap indices both ending 0.5% higher.

Volumes on the NSE were in line with recent averages. Among sectors, Pharma and Auto gained the most, while IT and Materials indices fell the most.

Asian stock markets were largely down Tuesday after Wall Street was pulled lower by rising Covid-19 cases, tech stock declines, dollar weakness (7 week low) and a lull in fresh data. Tokyo retreated on worries that the possible reintroduction of COVID-19 emergency measures in the country's biggest cities would slow the economic recovery while Taiwan and Seoul gained. European shares pulled back on Tuesday after hitting record highs a day earlier, as tobacco companies weighed on UK stocks following a report the Biden administration was considering requiring tobacco companies to lower the nicotine levels in all cigarettes sold in the United States and many regional indexes edged off pre-pandemic highs.

Nifty once again failed to hold on to higher levels facing selling pressure. However the broader market did well on April 20. It took support again from 14207. However repeated testing of 14200 is not a good sign. 14200-14505 is the new band for the Nifty for the near term. A breach of 14200 again could result in accelerated selling.


Source: Equity Bulls

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