Daily Markets - June 11, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Indian equity markets posted their biggest single-day drop in three weeks. The NSE Nifty 50 index ended 2.1% lower at 9,902. Weak global cues, adverse comments by SC in AGR case and widespread profit taking on weekly F&O expiry day pulled indices lower.

Volumes on the NSE were lower than normal for an expiry day. Telecom, Financials, Pharma, Auto and Metal stocks sold off while select NBFC stocks gained.

Stock markets around the world retreated Thursday as fears over a second wave of coronavirus infections and a gloomy economic outlook from the U.S. Federal Reserve distressed investors. Asian markets mostly fell in early trading Thursday, following losses on Wall Street after Fed Chairman Jerome Powell said the economic recovery will be "a long road."

In the US new jobless claims are expected to reflect continuing layoffs on Thursday, even as reopening proceeds.

Technically, the Nifty has fallen again after showing a brief upward correction on Wednesday. 9707 could be the next support while 9944-10021 could be the next resistance for the Nifty in the near term.

Source : Equity Bulls

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