Friday, April 17, 2020
The equity benchmarks snapped the two-day losing streak in a volatile trade on Thursday,16th April mainly with the help gains in banking and metal counters. The market pared opening losses to turn positive, but tepid start to the earnings season, rising number of COVID-19 cases and grim economic outlook continued to worry investors.
A much-awaited stimulus package, progress over curbing coronavirus spread, restarting of select industry, and the March quarter earnings will determine the direction of the market ahead according to analysts.
Nifty snapped a two-day losing streak and formed a bullish candle on the daily chart. The index moved above its five-day moving average but made a lower high lower low formation for the day. Analysts expect the NSE barometer to continue with its ongoing consolidation near the 9,000 mark for the time being.
