Stock Market Outlook: Nifty and Bank Nifty levels for 12th Nov to 16th Nov

As discussed in the last weekly report, Nifty and Bank Nifty traded in positive territory last week due to fall in crude oil price and appreciation in rupee against dollar. Festive spirit and short covering, especially in the mid-caps, tried to boost the market sentiment into positive last week. Last Friday Indian markets traded in a range bound and ended in red due to weak Global cues as Fed hinted for a rate hike in next month.

Five States Election will be held between 12th November to 7 December 2018, starting with Chattisgarh on 12th Nov. Election Commission has banned the exit poll this time on these five poll-bound states. Upcoming election from 12th Nov will not impact much in the market this time due to a ban on the exit poll. 

Consumer Price Index (CPI) is will be announced on Monday after market next week, a decline in CPI can boost the market sentiment. Any further fall in crude price and appreciation in rupee can also take the Sensex, Nifty and Bank Nifty to the next level. Q2 earnings can be another trigger for the market for the next week. Traders should also closely monitor the Global cues and a Global market  for taking any trade in the next week.

Also, read our recent post Diwali Stock Picks: Are you searching for Diwali Multibagger Stocks? Here's what you should know

Nifty and Bank Nifty Levels for the week:

Stock Market Outlook Nifty  levels for 12th Nov to 16th Nov 

Nifty Weekly Outlook:

Primary Trend: Up  OHLC-(10547.75/10648.10/10505/10623.75)

Range Bound Trend : 

All up moves initiate Profit Booking (Sale) @ 10665 whereas all down moves initiate Short 

Covering (Buy) @ 10575 

If Nifty moves above 10640 then you should Buy with 1st Target of 10695 during the day or any point during the week by Trailing the Stop Loss  from  10570-10600-10625-10650-10690-10700

FOR the Target of 10720-10750-10780 

If Nifty moves below 10600 then you should Sell with 1st Target of  10545 during the day or any point during the week by Trailing the Stop Loss from 10675-10635-10610-10580-10550-10525  FOR the Target of 10525-10490-10455

Bank Nifty Weekly Outlook

Primary Trend:  Up  OHLC-(25700.20/25939.65/25573.00/25848.80)

Range Bound Trend: All up moves initiates Profit Booking (Sale) @ 25960, whereas all down moves initiate Short Covering (Buy) @ 25730 

If Bank Nifty moves above 25885 then you should Buy with 1st Target of 26030 during the day or any point during the week by Trailing the Stop Loss  from 25720-25810-25865-26025-26050-26095

FOR the Target of 26100-26175-26260 

If Bank Nifty moves below 25800 then you should Sell with 1st Target of  25660 during the day or any point during the week by Trailing the Stop Loss from 25975-25875-25825-25735-25650-25600

FOR the Target of 25590-25520-25435

Conclusion: 

Both Nifty and Bank Nifty shows positive in a chart, Traders should closely monitor the Global cues and CPI in the domestic front. Traders should also keep track in Q2 earnings. Any positive developments in Rupee and Crude Price will boost the market further to achieve the long target mentioned above in both Nifty and Bank Nifty.


Also read our post Do you trade in the stock market on Stock News? Avoid five common mistakes to earn money.

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Finogyan Team

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