Market Wrap-Up - October 23, 2020 - Angel Broking

Mr. Aamar Deo Singh - Head Advisory, Angel Broking Ltd

Markets ended in the green, with the benchmark index Nifty 50, closing @ 11.930, up 33 points, on the back of mixed global cues. Overall, advances outnumbered declines by 5:2 clearing reflecting the overall strength of the Bulls. Amongst the Top 3 Nifty gainers, were Maruti, Mahindra and Mahindra and Tata Steel, whereas the Nifty Top 3 Losers were Ultratech, Shree Cements and Bharti Airtel. Overall, the uptrend of the markets remain intact, however we continue to witness Nifty meeting with resistance around the 12000-12050 zone. Once this is taken out, it can head higher towards its all-time high of 12,430 made in January 2020. On the downside, support is seen around 11600-11650 zone. India VIX continues to trade at comfortable levels @21.82, reflecting the overall positive sentiments. However, one needs to be cautious at the current levels as well, ahead of the upcoming US Presidential elections.

Mr. Keshav Lahoti - Associate Equity Analyst, Angel Broking Ltd

Sensex and Nifty ended the week on a positive note by closing up by 0.3% each led by auto stocks. For the day, investor interest was higher in mid cap and small cap stocks, Nifty Midcap 100 and Nifty Smallcap 100 closed up by 0.8% and 0.6% respectively. Top gainers of the Nifty were Maruti Suzuki (4.3%), M&M (3.4%) and Tata Steel (3.4%). Auto stocks rallied on the expectation of better sales in light of the upcoming festival season. Top losers of the Nifty were UltraTech Cement (2.4%), Shree Cements (2.3%) and HUL (1.6%). Global cues were positive, Dow Futures, Nasdaq Futures and FTSE were up by 0.3%, 0.1% and 1.5% respectively. The positive US economic data is reducing the chances for another fiscal package. For the next few days, we expect the market to be volatile on the basis of the news around the US election and quarterly results to be announced by the companies.

Source : Equity Bulls

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