For the weekend 27th Nov'20-Friday... Updated on  22.11.20, Sunday-04.10 pm

Last week Nifty trend: Nifty Index as expected and written last week, opened with positive note at 12932.50, our expected opening band i.e, 12935-13000, made a weekly high 12963 on Thursday thereafter, it moved down till 12730.25 on Friday and closed at 12859.05 with a weekly gain by 78.80 points i.e., 0.62%. 

This week Nifty Trend: The Nifty index may open on Monday i.e., 23rd Nov'20, on a positive note, subject to the Asian market move, to test 12895-12935, if open and sustain above 12935 then, the Index may try to test 12963-13065-13100-13185-13265-13310-13370 levels. On the other hand, the immediate support lies at 12830-12770, any further weakness below 12770 then, the Index may test 12730-12700-12660-12610-12570-12540-12480 levels.

Key Events: The coming week, no major key events are expected on the Global front as well as on the domestic front, except Q2 (Jul-Sep'20) India Inc. quarterly results for the remaining corporate companies are awaited, so, far, on the total of 4248 companies, 3269 companies were declared their Q2 results, they made a net profit 376.40% when compared with the Q1 net profit on QoQ basis and YoY basis the net profit also moved to 153.50% 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, 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 come down till 35.12 and settled at 35.56 times, as of Friday. The F&O expiry and November month-end falls this week, it may increase the intra volatility, already India Vix closed at 19.62 Vs 19.13 as of 14th Nov'20.

Special Mention: Last week, the Nifty Index was able to break the thershold resistance level 12935 and moved up till 12963, due to the FIIs buying spree in the Indian Equity market, the FPI-Foreign Porfolio Investors pumped huge inflow in to the Indian equity market in October Rs.22,033 Crores, in November, as of 20th-Friday they bought Rs.49,533 Crores in Indian Equity market, which helped the Nifty Index to test 12963 levels, though the mild technical sell-off dragged till 12730, but the Index was able to close above 12770 and 12850 levels it shows, the Index still under the control of the Bulls, any fresh move above 12963 and closes above 12935 for three consecutive trading sessions, then the index may test 13300-13770 very soon. At the same time, any weakness only below 12730-12600, if breaks these levels and closes below 12600, then the sell-off may drag the Index till 12520-12420-12025 levels in the near term. Let see, how it opens on Monday, whether it breaks 12935-13000-13100 levels or not. On the global front, the Covid19 Vaccine news are flowing everyday to keep the positive sentiment across global markets, the US based pharma company Moderna, recently announced their probable price for their vaccine candidate around $25-$37 for the Government orders, already the US based another pharma company Pfizer also announced their testing results on their vaccine candidate    

Sector wise performance: Last week, the major sectoral Indices were traded on the positive bias and closed in green: The Nifty Auto lead the weekly gain by 4.07% followed by, Nifty Realty gained 3.12%, Nifty Metal gained 2.99%, Nifty Bank gained 1.92% and Nifty FMCG marginally gained 0.38. On the other hand, Nifty Pharma lost by -2.09%, Nifty IT lost -1.76% and Nifty Energy marginally lost by -0.37%. Nifty mid cap index closed with a weekly gain i.e., 2.79% & Nifty small cap index closed on a positive note with weekly gain by  1.53%.

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.13018.67 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.12342.61 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.,$74.61 and moved down till $74.03, closed on Friday at $74.16, last week I have written that, the USD strong support lies at $74.03 on the lower side, it exactly took support there, made a weekly low $74.03 and closed the week at $74.16, 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, any weakness below $74.03, below this level, it may try to re-test $73.85-73.64-73.61-73.30-72.97 levels. It looks the USD Vs INR, may consolidate in broader range between $74.78 to $73.64, any further direction only by breaking either of these ranges to take the USD to further levels.

Tading Strategy: The Investor/trader, those who Invested at 11500 levels, book profit 13100-13465-13770 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.

Further details please do call us on 98410 48022 or contact thro' whatsapp: 99624 70636. Please read carefully, the Disclaimer published on the Disclaimer page.

Wishing you for a safe and secured with profitable trading.