For the weekend 20th Nov'20-Friday... Updated on  16.11.20, Monday-10.15 pm

Last week Nifty trend: Nifty Index as expected and written last week, opened with positive note at 12399.40, our expected opening band i.e, 12290-12320, made a weekly low 12367.35 on the opening day thereafter, it moved up till 12769.75, then the mild sell-off dragged the Index till 12607.70, further the strong up move lifted once again till 12828.70 and closed at 12780.25 with a weekly gain by 516.70 points i.e., 4.21%. 

This week Nifty Trend: The Nifty index may open on Tuesday i.e., 17th Nov'20, on a positive note, subject to the Asian market move, to test 12935-13000, if open and sustain above 13000 then, the Index may try to test 13100-13180-13265-13350-13425 levels. On the other hand, the immediate support lies at 12830-12770, any further weakness below 12770 then, the Index may test 12700-12640-12600-12570 levels.

Key Events: This week, no major key events are expected on the Global front as well as on the domestic front, the IIP and Inflation datas were already released last week, the IIP for the month Sep'20 stood at 0.20%, for the first time since, the Covid19, the IIP moved to the positive territory and Annual Inflation for the month of Oct'20  also moved up to 7.61%, further the WPI Inflation rate for the month of Oct'20 also gone up to 1.23%. The Q2 (Jul-Sep'20) India Inc. quarterly results for the remaining corporate companies are awaited, so, far, on the total of 4248 companies, 2941 companies were declared their Q2 results, they made a net profit 314.10% when compared with the Q1 net profit on QoQ basis and YoY basis the net profit also moved to 147.60% 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, when compared with the last year Sep'19, 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 34.73 times, as of Saturday. 

Special Mention: Last week, the Nifty Index was able to beak the thershold resistance level 12770 and just like that moved up till 12828.70, due to the FIIs buying spree across the world, they pumped huge inflow in to the Indian equity market, lifted the Nifty Index till 12828.70 and closed at 12780.25, the ultimate target for this fresh breakout above 12770 is lies at 13770, the Index must trade and close above 12935-13000-13100 this week to continue the upward momentum to test the 13435-13770, else any weakness below 12770-12600-12570, if breaks these levels and closes below 12570, then the sell-off may drag the Index till 12520-12420 levels in the near term. Let see, how it opens on Tuesday, whether it breaks 12935-13000-13100 levels or not.   

Sector wise performance: Last week, all the major sectoral Indices were traded on the positive bias and closed in green: The Nifty Metal lead the weekly gain by 7.75% followed by, Nifty Bank gained 7.04%, Nifty Energy gained 5.53%, Nifty Auto gained 4.23%,  Nifty FMCG gained 3.93, Nifty Pharma and Nifty IT gained marginally, 1.28% & 1.11%, respectively. Nifty mid cap index closed with a weekly gain i.e., 3.62% & Nifty small cap index closed on a positive note with weekly gain by  3.93%.

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.19754.21 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.13531.28 crores on the net basis, as per the data forwarded to the SEBI, the FIIs continued the inflow all the days in last week except on Saturday, in to the Indian equity market, we should wait and watch, how they behave coming week.

USD Vs INR: The USD Vs INR appreciated from the weekly low level i.e.,$73.64 and moved up till $74.78, closed on Friday at $74.53, last week I have written that, if the USD moves below $73.86 on the lower side, then it may test $73.72-73.61-73.52 levels, as expected it moved and tested $73.64, but the pull back from $73.64 level lifted the USD till $74.78, now further appreciation is depends on breaking above 74.78 on the upper side then,it may test $74.95-75.13-75.30 levels. On the other hand, the immediate support lies at $74.03, below this level, it may try to re-test $73.85-73.64-73.61-73.30-72.97 levels.

Tading Strategy: The Investor/trader, those who Invested at 11500 levels, book profit 12300-13465-13770 levels and wait for further crorrection, to re-invest i.e, adopt Buy on dips strategy, if Nifty Index test 12500-12400 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.