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Experts say market may witness volatility this week. IPOs in focus

Given that most of the quarterly results and festive mood is behind us, indices are expected to move sideways, says Yesha Shah, Head of Equity Research, Samco Securities.

November 15, 2021 / 07:52 AM IST
The market extended gains for the second consecutive week ended November 12 despite continued selling by foreign institutional investors (FIIs) and weak global cues on inflation fears. During the week, the Sensex rose 619.07 points, or 1.03 percent, to close at 60,686.69, while the Nifty50 added 186 points, or 1.03 percent, to close at 18,102.8.
The market extended gains for the second consecutive week ended November 12 despite continued selling by foreign institutional investors (FIIs) and weak global cues on inflation fears. During the week, the Sensex rose 619.07 points, or 1.03 percent, to close at 60,686.69, while the Nifty50 added 186 points, or 1.03 percent, to close at 18,102.8.
Palak Kothari, Research Analyst at Choice Broking | The Index has given a breakout of the falling trendline, which points out strength in the counter. Also, the Stochastic indicator bounced and showed positive crossover, which points out strength in the counter for the next trading session. At present, the index has a support level of 17,900, while resistance is at 18,250 levels.
Palak Kothari, Research Analyst at Choice Broking | The Index has given a breakout of the falling trendline, which points out strength in the counter. Also, the Stochastic indicator bounced and showed positive crossover, which points out strength in the counter for the next trading session. At present, the index has a support level of 17,900, while resistance is at 18,250 levels.
Rohit Singre, Senior Technical Analyst at LKP Securities | The index has moved above its strong hurdle zone of 18k mark which hints if prices managed to hold above 18k mark then one can expect a current pullback to extend further towards 18200-18300 zone which are an immediate hurdle zone on the higher side. Also any dip near 18k mark will be again fresh buying opportunity.
Rohit Singre, Senior Technical Analyst at LKP Securities | The index has moved above its strong hurdle zone of 18k mark which hints if prices managed to hold above 18k mark then one can expect a current pullback to extend further towards 18200-18300 zone which are an immediate hurdle zone on the higher side. Also any dip near 18k mark will be again fresh buying opportunity.
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Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments | Next week would be crucial for the Nifty. If we can keep above 18,150 for a couple of sessions, the markets can scale up higher to 18,400 and then 18,600. This will also take out the upper end of the current range which will add further momentum to the index.
Ajit Mishra, VP - Research, Religare Broking | Markets will first react to macro data in early trade on Monday. As the result season is almost behind us, the focus will shift back to global markets for cues. At the same time, traction in primary markets will keep investors busy. There are mixed sentiments in the markets, so we reiterate our cautious view on markets and let Nifty stabilise above 18,100 to change the bias.
Ajit Mishra, VP - Research, Religare Broking | Markets will first react to macro data in early trade on Monday. As the result season is almost behind us, the focus will shift back to global markets for cues. At the same time, traction in primary markets will keep investors busy. There are mixed sentiments in the markets, so we reiterate our cautious view on markets and let Nifty stabilise above 18,100 to change the bias.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities | We are of the view that the short-term support has shifted from 17850 to 18000 level. For the trend following traders 18000 would be the sacrosanct level. As long as the index is trading above the same the uptrend wave will continue up to 18200-18400 while on the other hand, a close below 18000 could increase further weakness till 17850-17650. In the meantime, the Bank Nifty index is trading near its 50 day SMA. And the structure suggests strong possibility of trend reversal, if it succeeds to trade above 38500/38200.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities | We are of the view that the short-term support has shifted from 17850 to 18000 level. For the trend following traders 18000 would be the sacrosanct level. As long as the index is trading above the same the uptrend wave will continue up to 18200-18400 while on the other hand, a close below 18000 could increase further weakness till 17850-17650. In the meantime, the Bank Nifty index is trading near its 50 day SMA. And the structure suggests strong possibility of trend reversal, if it succeeds to trade above 38500/38200.
Yesha Shah, Head of Equity Research, Samco Securities | Given that most of the quarterly results and festive mood is behind us, indices are expected to move sideways. As markets across the world are trying to decode the implications of rising inflation, any intensive selling by FIIs may take Indian indices lower, unless the domestic players provide support. Next week D-Street will also see a slew of new IPOs listing and the sentiment surrounding listing gains continues to remain bullish. Amidst worsening inflation fears, investors are currently advised to use knee-jerk reactions to, at best, cherry pick quality stocks in resilient sectors and invest in staggered manner.
Yesha Shah, Head of Equity Research, Samco Securities | Given that most of the quarterly results and festive mood is behind us, indices are expected to move sideways. As markets across the world are trying to decode the implications of rising inflation, any intensive selling by FIIs may take Indian indices lower, unless the domestic players provide support. Next week D-Street will also see a slew of new IPOs listing and the sentiment surrounding listing gains continues to remain bullish. Amidst worsening inflation fears, investors are currently advised to use knee-jerk reactions to, at best, cherry pick quality stocks in resilient sectors and invest in staggered manner.
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One | For the coming week, 18200-18350 is to be seen as a crucial range and till the time we do not surpass it convincingly, we are not completely out of the woods yet. In fact, it would be too early to comment on it; but we can clearly see a bearish formation of ‘Head and Shoulder’ being in process on the daily chart of Nifty. The neckline support is around 17700-17600, which if gets broken, we could see difficult days for market in the short run. With reference to our recent cautious stance on the market, we will not be surprised to see it happening soon, if we fail to go beyond the mentioned zone of 18200 – 18350 in the forthcoming week.
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One | For the coming week, 18200-18350 is to be seen as a crucial range and till the time we do not surpass it convincingly, we are not completely out of the woods yet. In fact, it would be too early to comment on it; but we can clearly see a bearish formation of ‘Head and Shoulder’ being in process on the daily chart of Nifty. The neckline support is around 17700-17600, which if gets broken, we could see difficult days for market in the short run. With reference to our recent cautious stance on the market, we will not be surprised to see it happening soon, if we fail to go beyond the mentioned zone of 18200 – 18350 in the forthcoming week.
Rahul Sharma, Co-Founder, Equity99 | Next week will be a shorter week with the market remaining close on Friday on account of Gurunanak Jayanti. Results season is over with only a few small & Midcaps companies left which will be declaring their results on Monday. We might see some volatility in markets with 3 IPO`s SJS Enterprises, Policy Bazar & Sigachi Industries set to list on Monday. Besides this global events will be affecting the market with India declaring its October month Import Export numbers on Monday. Banking stocks will be in focus with the US declaring T Bonds foreign buying on Wednesday. Next week the volatility in the market is expected to continue as FII continues selling in Indian Markets. 18000 will act as very strong support on breaking which next 17875 will be next support and once this level is broken then we`ll see 17700 levels. On the upper side, 18200 will act as very strong resistance and if markets break these levels then the next strong resistance will be 18250 on breaking which 18400 level is possible.
Rahul Sharma, Co-Founder, Equity99 | Next week will be a shorter week with the market remaining close on Friday on account of Gurunanak Jayanti. Results season is over with only a few small & Midcaps companies left which will be declaring their results on Monday. We might see some volatility in markets with 3 IPO`s SJS Enterprises, Policy Bazar & Sigachi Industries set to list on Monday. Besides this global events will be affecting the market with India declaring its October month Import Export numbers on Monday. Banking stocks will be in focus with the US declaring T Bonds foreign buying on Wednesday. Next week the volatility in the market is expected to continue as FII continues selling in Indian Markets. 18000 will act as very strong support on breaking which next 17875 will be next support and once this level is broken then we`ll see 17700 levels. On the upper side, 18200 will act as very strong resistance and if markets break these levels then the next strong resistance will be 18250 on breaking which 18400 level is possible.
Rakesh Patil
first published: Nov 15, 2021 07:52 am

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