Markets Daily - June 4, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Indian indices broke the 6-day winning streak and ended lower after a volatile trade on June 4 - the weekly F&O weekly expiry day. At close Nifty was down 32.40 points or 0.32% at 10,029.10.

Volumes on the NSE continue to be high. Telecom, Pharma, IT, Media and Aviation stocks did well while Financials, Capital goods and Auto corrected.

The rapid rally in world markets fed by bets on a speedy global economic recovery finally halted on Thursday, as traders waited to hear how much more stimulus the European Central Bank plans to shovel out to address the coronavirus slump. After weeks of sharp gains for stocks, oil and currencies, investors were looking to lock in some profit.

Technically the Nifty has made a lower top compared to June 03 but did not close at the intraday low. Hence it continues to give mixed signals after registering large gains over the last 6-7 days. On upmoves, it could face resistance at 10125-10176 band while 9932-9944 could offer support.

Source : Equity Bulls

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