For the weekend 13th Nov'20-Friday... Updated on  09.11.20, Monday-06.30 am

Last week Nifty trend: Nifty Index as expected and written last week, opened with positive note at 11697.35, near our expected opening band i.e, 11660-11685, made a weekly low 11557.40 on the opening the day thereafter, it moved up all the days till Friday, made weekly high 12280.40 and closed at 12263.55 with a weekly gain by 620.95 points i.e., 5.13%. 

This week Nifty Trend: The Nifty index may open on Monday i.e., 09th Nov'20, on flat to positive note, subject to the Asian market move, to test 12290-12320, if open and sustain above 12320 then, the Index may try to test 12360-12395-12430-12470-12515 levels. On the other hand, the immediate support lies at 12125-12025, any further weakness below 12025 then, the Index may test 11930-11850-11750-11660 levels.

Key Events: This week, no major key events are expected on the Global front; the US Presidential Election which was got over and the results were declared, the Democratic candidate Mr Joe Biden, elected as the President, he won by 290 votes, whereas the Republican party candidate Mr Donald Trump lost and secured only 214 votes. On the domestic front, the IIP and Inflation datas are expected this week and  Q2 (Jul-Sep'20) India Inc. quarterly results for the remaining corporate companies are awaited, so, far, on the total of 4248 companies, 997 companies were declared their Q2 results, they made a net profit 201.10% when compared with the Q1 net profit on QoQ basis and YoY basis the net profit also moved to 319.50% from the same period last year i.e., Sep'19, though the net profit numbers shows the tremendous growth, but the Sales/Income are not seen the major turnaround, we should wait and watch the remaining corporate companies results,in the ensuing days. The price valuation i.e,, Price Earnings ratio-PE, last week has moved up and settled at 33.09 times, as of Friday. 

Special Mention: Last week, the Nifty Index was able to take a strong support at 11557 and the pull back, due to US presidential election, the FIIs pumped huge inflow in to the Indian equity market, lifted the Nifty Index till 12280 and closed at 12263.85, in the coming week, the Index must trade and close above 12290-12360 to continue the upward momentum to test the all time high point i.,e 12430, else any weakness below 12125-12025, if breaks this level and closes below 12025, then the sell-off may be intensified till 11930-11750 levels by this week. Let see, how it opens on Monday, whether it breaks 12290-12360 levels or not.   

Sector wise performance: Last week, all the major sectoral Indices were traded on the positive bias and closed in green except Nifty Realty: The Nifty Bank lead the weekly gain by 12.13% followed by, Nifty Metal gained 6.69%, Nifty Pharma gained 3.38%, Nifty Auto gained 3.19%, Nifty IT gained 2.75%, Nifty FMCG gained 2.45%, finally the Nifty Energy marginally gained by 1.36%. At the same time the Nifty Realty closed with a weekly loss marginally by -0.55%. Nifty mid cap index closed with a weekly gain i.e, 4.31% & Nifty small cap index closed on a positive note with weekly gain by  0.69%.

Institutional Investors trading data: The Foreign Institutional Investors-FII's last week continued as a net buyer in the Equity segment, they bought to the tune of Rs.13398.92 crores on the net basis whereas, the Domestic Institutional Investors-DII's, continued as a net seller, they sold all the days during last week, to the tune of Rs.6789.86 crores on the net basis, as per the data forwarded to the SEBI, the FIIs continued the inflow all the days in last week, in to the Indian equity market, we should wait and watch, how they behave coming week.

USD Vs INR: The USD Vs INR depreciated from the weekly high level i.e.,$74.95 and moved down till $73.86, closed on Friday at $73.98, last week I have written that, if the USD moves above $74.70 on the higher side, then it may test $74.85-74.93 levels, as expected it moved and tested $74.95, but the sell-off in USD dragged till 73.86 now further depreciation is depends on breaking below $73.86 on the lower side, any further down move below this level then, it may test $73.72-73.61-73.52 levels. On the other hand, the immediate resistance seen at $73.89-74.14, above this level, it may try to re-test $74.27-74.40-74.53-74.62 levels.

Tading Strategy: The Investor/trader, those who Invested at 11500 levels, book profit 12290-12360-12430 levels and wait for further crorrection, to re-invest i.e, adopt Buy on dips strategy, if Nifty Index test 12000-11800 levels, to trade for a short term gains with medium term perspective, rather to wait for the long term basis.

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Wishing you for a safe and secured with profitable trading.