Moneycontrol
Last Updated : Jun 22, 2020 08:08 AM IST | Source: Moneycontrol.com

Slideshow | Market to watch out for global cues, geopolitical tensions; 10K major support for Nifty

Last week, BSE Sensex added 950.84 points (2.8 percent) to close at 34,731.73, while the Nifty50 rose 271.5 points (2.7 percent) to end at 10244.4 levels.

Last week , benchmark indices closed with nearly 3 percent gain with Nifty managed to finish comfortably above 10,000 mark supported by the RIL after company raised record investments for Jio Platforms which helped it to become debt-free well ahead of its March 2021 target. Nifty Media Index outperformed other indices with a gain of over 7.7 percent.
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Last week , benchmark indices gained nearly 3 percent each. Nifty managed to finish comfortably above 10,000 mark supported by RIL after the company raised record investments for Jio Platforms, which helped it to become net debt-free well ahead of its March 2021 target. Nifty Media Index outperformed other indices with a gain of over 7.7 percent.

Sanjeev Zarbade, VP PCG Research, Kotak Securities | After the rally in current month, investors need to be cautious in the near-term and watch out for geopolitical developments between India and China on one hand and valuations on the other. Resurgence of covid cases and reports of a second wave of infections are potential risks for the markets.
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Sanjeev Zarbade, VP PCG Research, Kotak Securities | After the rally in current month, investors need to be cautious in the near term and watch out for geopolitical developments between India and China on the one hand and valuations on the other. Resurgence of COVID cases and reports of a second wave of infections are potential risks for the markets.

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services | Going ahead, we expect the markets to remain volatile as investors would track global cues and development around geo-political tensions. We would advise investors to look for buying opportunities on declines in market and focus more on stock specific action.
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Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services | Going ahead, we expect the market to remain volatile as investors would track global cues and development around geo-political tensions. We would advise investors to look for buying opportunities on declines in market and focus more on stock-specific action.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities | The short term trend of Nifty continues to be positive. The next upside levels to be watched at 10330. A sustainable move above this area could pull towards 10550-10600 levels by next week.
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Nagaraj Shetti, Technical Research Analyst, HDFC Securities | The short-term trend of Nifty continues to be positive. The next upside levels to be watched at 10,330. A sustainable move above this area could pull towards 10,550-10,600 levels by next week.

Ajit Mishra, VP - Research, Religare Broking | We feel the recent up move indicates participations are hopeful of de-escalation of tension between India and China. Besides, the recent data of loan moratorium and gradual reopening of the economy have eased their concerns over the NPA crisis in the banking system. Going forward, in absence of any major event except the earnings season, the markets would continue to take cues from global markets. Further, developments on India-China feud at LAC would remain a key monitorable. Amid all, indications are in favour of further surge in the index so we advise aligning the positions accordingly.
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Ajit Mishra, VP - Research, Religare Broking | We feel the recent up move indicates participations are hopeful of de-escalation of tension between India and China. Besides, the recent data of loan moratorium and gradual reopening of the economy have eased their concerns over the NPA crisis in the banking system. Going forward, in absence of any major event except the earnings season, the markets would continue to take cues from global markets. Further, developments on India-China feud at LAC would remain a key monitorable. Amid all, indications are in favour of further surge in the index so we advise aligning the positions accordingly.

Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas | The index is now stone's throw away from its swing high of 10328. Overall, the Nifty is expected to head towards 10550 i.e. 61.8% retracement of the Jan -March fall. On the flip side, 10155-10135 will act as an immediate support zone.
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Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas | The index is now stone's throw away from its swing high of 10328. Overall, the Nifty is expected to head towards 10550 i.e. 61.8% retracement of the Jan -March fall. On the flip side, 10155-10135 will act as an immediate support zone.

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking | Looking at Friday’s close, the set up overall looks good and ideally we should make a move beyond our recent highs of 10350-10400 to test higher levels of 10600-10800 in the forthcoming week. But the threat of the second wave of pandemic and the geopolitical concerns are likely to loom over us now for some time. Hence, if there is no escalation with respect to this, our markets are likely to continue this northward trajectory. As far as supports are concerned, 10100 followed by 10000 would be seen as immediate support zone.
7/8

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking | Looking at Friday’s close, the set up overall looks good and ideally we should make a move beyond our recent highs of 10350-10400 to test higher levels of 10600-10800 in the forthcoming week. But the threat of the second wave of pandemic and the geopolitical concerns are likely to loom over us now for some time. Hence, if there is no escalation with respect to this, our markets are likely to continue this northward trajectory. As far as supports are concerned, 10100 followed by 10000 would be seen as immediate support zone.

Sensex slide
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Shabbir Kayyumi, Head of Technical Research at Narnolia Financial Advisors | Next logical stop for the current rally in the market is 200 DMA placed around 10900 marks. Nifty also has given a breakout of Cup and Handle larger degree pattern and targets as per this pattern comes to 11200 and this pattern is intact as long as the index is giving higher weekly closing. However, on the lower side crucial support is seen at 10000 and any decisive move below this zone can push index lower towards the previous swing low placed around 9700.

First Published on Jun 22, 2020 08:08 am
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