It was a volatile week for D-Street but bulls managed to pull the index above 10650 towards the close which is a positive sign.
Lot of macro data dominated last week such as IIP, WPI which came in the beginning of the week while CPI and Trade Data came in the second half of the week.
As the second quarter earnings have concluded, the focus of market will now shift to domestic and global macroeconomic factors.
On the domestic front, second phase of assembly elections will be held in Chattisgarh on 20th November while the movement of rupee against the dollar and crude prices will be keenly watched.
Rupee ends at fresh 2-month high of 71.93 despite oil rebound
Although, the country's foreign exchange reserves declined by $121.2 million to $393.01 billion for the week ended November 9, largely on a dip in currency assets, RBI data showed on November 16.
Big News:
According to sources, a big board meet is lined up between the RBI and the govt to iron out differences around policy issues
Media reports suggest that the government through its board members is expected to push for:
A) Easing of norms for lending to the MSME sector
B) Relaxing the Prompt Corrective Action (PCA) framework for weak banks
C) Appropriate size of reserve to be maintained by the central bank, among others.
Technical View:
Nifty formed a bullish candle on daily as well as weekly scale which suggests that bulls are holding the grip.
The market is able to absorb all the decline.
The index has to continue to hold above 10650 levels to witness an up move towards 10750 then 10850-10880.
On the downside supports are shifting higher to 10550 then 10500 zones.
Three levels: 10440, 10695, 10800
Max Call OI: 10800, 11000
Max Put OI: 10000, 10200
Stocks in news:
Dr Reddy's Laboratories: The pharma major has received zero observations from US FDA for formulations Srikakulum plant in Andhra Pradesh.
ITC said its instant noodle brand Yippee crossed the Rs 1,000 crore sales mark in year ended September, in turn taking mother brand Sunfeast’s annual sales to Rs 4,500 crore.
Jet Airways: Tata Sons said any discussion with the airline company has been preliminary and no proposal has been made.
Technical Recommendations:
We spoke to Chartviewindia.in and here’s what they have to recommend:
Indian Hotels: Buy| LTP: Rs 135.65| Target: Rs 147| Stop Loss: Rs 127| Return 15%
Vodafone Idea: Buy| LTP: Rs 42.90| Target: Rs 49| Stop Loss: Rs 35| Return 16%
Bank of Baroda: Buy| LTP: Rs 115| Target: Rs 126| Stop Loss: Rs 106| Return 10%
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