Indian Benchmark Indices ended lower on Thursday the last day of the week. The market ended three weeks positive momentum and slipped more than 1 percent in Sensex and Nifty both ahead of November series expiry. Bank Nifty was also marginally declined during last week. The first day of the week started with a positive note on the expectation of RBI board meeting. After the meeting, the market could not hold the positive momentum and profit booking dragged the market down in three consecutive days.
The other reasons which pushed the market lower are Global cues, negative revision of Global growth, chances of a fresh Trade War between the US and China. Appreciation on rupee is also another key reason which pushed down the Nifty IT index.
Also, read our article Know why a Demat Account is mandatory for intraday or Future and Options Trading
Events for November Expiry week:
Indian market is expected to be highly volatile due to the expiry on 29th November. Core sector data and GDP data would be announced on 30th of November the last day of the week after market hours. Though the data will be released after the market on the last day of the week and its impact will be seen next week but we can see some profit booking on the last day of the week. Further appreciation on rupee can also drag down the Nifty IT index. Traders should also follow the global market closely during the week.
Nifty and Bank Nifty Technical levels for November Expiry:
 |
| Nifty technical levels for November Expiry |
Nifty Weekly Outlook
Primary Trend: Corrective OHLC-(10735.00/10779.40/10511.95/10524.70)
Range Bound Trend: All up Moves Initiates Profit Booking (Sale) @ 10600 whereas All Down Moves Initiates Short Covering (Buy) @ 10435
If Nifty moves above 10550 then you should Buy with 1st Target of 10651 during the day or any point during the week by Trailing the Stop Loss from 10425-10495-10525-10595-10650-10695 FOR the Target of 10705-10755-10815
If Nifty moves below 10485 then you should Sell with 1st Target of 10385 during the day or at any point during the week by Trailing the Stop Loss from 10610-10540-10510-10450-10375-10340 FOR the Target of 10335-10285-10220
 |
| Bank Nifty technical levels for November Expiry |
Bank Nifty Weekly Outlook
Primary Trend: Up OHLC-(26355.10/26409.70/25956.90/26003.45)
Range Bound Trend: All up Moves Initiates Profit Booking (Sale) @ 26150, whereas All Down Moves Initiates Short Covering (Buy) @ 25850
If Bank Nifty moves above 26075 then you should Buy with 1st Target of 26225 during the day or any point during the week by Trailing the Stop Loss from 25840-25960-26025-26125-26240-26300 FOR the Target of 26325-26400-26500
If Bank Nifty moves below 25940 then you should Sell with 1st Target of 25775 during the day or any point during the week by Trailing the Stop Loss from 26150-26050-25975-25875-25755-25690 FOR the Target of 25685-25595-25490
Conclusion:
Traders and Investors should be cautious while trading during the November expiry week. One can follow the above Nifty and Bank nifty technical levels for taking any trades with stop loss mention above. Traders should also closely follow the Global Cues and events mention above.
If you like the post please share with others.
Happy Investing!
Finogyan Team
Disclaimer-Finogyan has taken due care and caution in compilation of data for its blog. The views and investment tips expressed by investment experts on Finogyan are their own and not that of the website or its management. Finogyan advises users to check with certified and SEBI registered experts before taking any investment decision. However, Finogyan does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Finogyan especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
