Although we gave up some of the gains in the latter half of the month, the indices are still trading above its crucial support of 11550-11600 and hence, the trend has not been distorted yet.
On the sectoral front, Nifty PSU Bank Index fell the most dropping more than 4.5 percent followed by Nifty Auto (down 4 percent), Nifty Metal (down 4 percent). Meanwhile, the Nifty Energy index ended up 0.5 percent.
The rollover in Nifty is slightly higher than its 3-month average. However, FII’s have more shorts in the index futures segment at the start of the new series.
Mark Matthews believes the Indian market is surprisingly robust. He expects to see a significant sequential improvement in the Indian market.
Investors can keep 70% of the portfolio in long-term investments while the rest 30 percent could be in liquid cash.
The year witnessed an unprecedented disrupting force COVID-19 which caused strong volatility in the market and made the economic outlook highly unpredictability.
The Q2FY21, so far, witnessed robust numbers from IT, Pharma, Auto components, select banks, and cement sector companies.
L&T fell by about 5 percent, Tata Motors was down by over 2 percent, and Federal Bank dropped more than 2 percent on October 29.
According to pivot charts, the key support levels for the Nifty is placed at 11,603.47, followed by 11,536.13.
Smaller Cap World Fund bought an additional 5,32,147 equity shares in Multi Commodity Exchange of India (1.04 percent of its total paid-up equity) at Rs 1,759.93 per share on the NSE
Mazhar Mohammad of Chartviewindia.in feels for the time being, the best trade for intraday traders can be to short by making use of rally in the zone of 11,720 – 11,745 levels.
According to pivot charts, the key support levels for the Nifty is placed at 11,633.13, followed by 11,536.67.
Mazhar Mohammad of Chartviewindia.in has asked traders to remain neutral on the long side.
The pace of recovery may be slow but most analysts and rating agencies believe that the Indian economy will see a strong rebound in the year 2021.
India Cements is another notable company in his portfolio as Radhakishan Damani and his brother held 20.4 percent equity stake in the cement firm. In fact they are biggest shareholders in the company.
Today the bank is valued at Rs 6.7 lakh crore in terms market capitalisation, which increased from just Rs 440 crore in 1995.
Banking & financials were leaders in fall as the Nifty Bank and Financial Service indices fell more than 2 percent each.
According to pivot charts, the key support levels for the Nifty is placed at 11,775.27, followed by 11,661.13.
Forecast of higher FII inflows to India, based on an MSCI report, helped the market despite weak global cues.
Mazhar Mohammad of Chartviewindia.in asked short-term traders to remain neutral on the index.
Top 16 schemes, including those from SBI, ICICI Prudential, UTI MF, Axis, Kotak, HDFC and Mirae, hold 47 percent, or nearly 30 crore shares, of the total mutual funds shareholding.
CNBC-TV18 indicated that Morgan Stanley expects passive inflows of $2.5 billion for India if the MSCI implements the changes.
The bank will continue on the growth path, as Jagdishan has been with HDFC since 1996 and has played an integral role in shaping the private lender, say experts.
Hulst BV, an investment holding company registered in the Netherlands and a part of Baring Private Equity Asia (BPEA), held a 70.28 percent stake or about 4.26 crore equity shares in Coforge as of September 2020.
The short-term trend of Nifty seems to have reversed from the highs, but the near-term trend status of the market remains range-bound around 12,000-11,650 levels, says Nagaraj Shetti of HDFC Securities.