For the weekend 04th Dec'20-Friday... Updated on 01.12.20, Tuesday-06.03 am

Last week Nifty trend: Nifty Index as expected and written last week, opened with positive note at 12960.30, our expected opening band i.e., 12895-12935, made a low 12825.70 on the opening day thereafter, it moved up till 13145.85 on Wednesday, further the profit booking cum sell-off dragged till 12790.40 and closed at 12968.95 with a weekly gain by 109.90 points i.e., 0.85%. 

This week Nifty Trend: The Nifty index may open on Tuesday i.e., 01st Dec'20, on a flat note, subject to the Asian market move, to test 12975-13035, if open and sustain above 13035 then, the Index may try to test 13070-13105-13145-13195-13240-13285-13310-13370 levels. On the other hand, the immediate support lies at 12945-12880, any further weakness below 12880 then, the Index may test 12850-12790-12770-12720-12670-12610-12570-12535 levels.

Key Events: The coming week, no major key events are expected on the Global front as well as on the domestic front, except the RBI Interest rate policy meet which is scheduled on 04th Dec-Friday, I donot see any changes in the Repo rate, the RBI may maintain the status quo to keep the same repo rate i.e., 4%, other than that the  Q2 (Jul-Sep'20) India Inc. quarterly results for the remaining corporate companies are awaited, so, far, on the total of 4248 companies, 3300 companies were declared their Q2 results, they made a net profit 377.40% when compared with the Q1 net profit on QoQ basis and YoY basis the net profit also moved to 156.30% 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 gone up till 35.90 and settled at 35.66 times, as of Friday. 

Special Mention: Last week, the Nifty Index was able to break the thershold resistance level 13035 and moved up till 13145, due to the FIIs buying spree in the Indian Equity market, which helped the Nifty Index to made a new alll time high i.,e 13145 levels, the mild technical sell-off dragged till 12790.40, this consolidation is a must to move forward to test 13310-13770 in the near term, further the Index was able to close above 12965 levels it shows, the Index still under the control of the Bulls, any fresh move above 13035-13145 this week and closes above 13145 for three consecutive trading sessions, then the index may test 13310-13770 very soon. At the same time, any weakness only below 12790-12690, if breaks these levels and closes below 12690, then the sell-off may drag the Index till 12610-12520-12420 levels in the near term. Let see, how it opens on today, whether it breaks 13035-13145 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 Pfizer and Moderna announced their testing success rate, the positive news on initial trials of the University of Oxford's potential COVID-19 vaccine that has been licensed to AstraZeneca also announced their vaccine candidate last week. 

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 Metal lead the weekly gain by 5.44% followed by, Nifty Pharma gained 2.71%, Nifty Auto gained 2.38%, Nifty Energy gained 1.85, Nifty IT gained 1.66%, Nifty Bank gained 1.28% and Nifty FMCG marginally gained 0.84%. On the other hand, Nifty Realty lost by -3.79%, Nifty mid cap index closed with a weekly gain i.e., 3.97% & Nifty small cap index closed on a positive note with weekly gain by  6.33%.

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.19066.11 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.15675.49 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.,$74.25 and moved down till $73.73, closed on Friday at $73.94, now further appreciation is depends on breaking above 74.05-74.14 on the upper side then, it may test $74.27-74.45-74.53-74.63-74.78-74.82-74.95 levels. On the other hand, any weakness below $73.94, below this level, it may try to re-test $73.86-73.64-73.61-73.30-72.97 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.

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