Indian Benchmark Indices continued its momentum for the second consecutive session of the week. It turns out to be the third straight weekly gain in November series, looks like markets are back on track. This week Sensex and Nifty rallied approximately 0.8 and 0.9 percent whereas Banknifty gained marginally higher than last week. Sectors like PSU, Financial, Energy, Telecom are major gainer this week, heavyweights stocks like Reliance Industries (RIL), HDFC, Airtel gained most whereas Yes bank was the biggest loser in Nifty50 stocks.
The market rallied mainly due to a sharp fall in crude price, appreciation in rupee, FII inflow and an anticipation of positive development in the upcoming RBI Board meeting. The mixed global cues and below expectations Q2 numbers are already factored or ignored by the market this week.
Also, read our article: Do you trade in the stock market on Stock News? Avoid five common mistakes to earn money.
Market For Next Week: 19th Nov to 23rd Nov 2018:
The RBI Board meeting on 19th Nov Monday can change the market sentiment and become a major trigger for the market particularly the financial sectors. RBI could ease liquidity in MSME and diffuse the liquidity crisis in the NBFC sector. The stability in rupee and crude price would be required to support and move Nifty to the next level above 10720. The trader should also closely monitor the global cues before taking any trade.
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| Stock Market Outlook Nifty Technical levels |
Nifty Weekly Outlook :
Primary Trend: Up OHLC-(10601.10/10709.00/10460.00/10687.25)
Range Bound Trend: All up moves initiates Profit Booking (Sale) @ 10770 whereas all down moves initiate Short Covering (Buy) @ 10610
If Nifty moves above 10720 then you should Buy with 1st Target of 10815 during the day or any point during the week by Trailing the Stop Loss from 10600-10675-10700-10760-10815-10850 FOR the Target of 10865-10910-10975
If Nifty moves below 10660 then you should Sell with 1st Target of 10565 during the day or at any point during the week by Trailing the Stop Loss from 10775-10725-10675-10625-10575-10525 FOR the Target of 10515-10470-10410
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| Stock Market Outlook Bank Nifty Technical levels |
Bank Nifty Weekly Outlook:
Primary Trend: Up OHLC-(25850.25/26333.70/25429.15/26253.90)
Range Bound Trend: All up moves initiates Profit Booking (Sale) @ 26540, whereas all down moves initiate Short Covering (Buy) @ 25975
If Bank Nifty moves above 26365 then you should Buy with 1st Target of 26710 during the day or any point during the week by Trailing the Stop Loss from 25950-26175-26315-26525-26740-26875 FOR the Target of 26885-27055-27265
If Bank Nifty moves below 26150 then you should Sell with 1st Target of 25805 during the day or at any point during the week by Trailing the Stop Loss from 26550-26335-26210-26025-25775-25650 FOR the Target of 25625-25450-25245
Conclusion:
The trend of Indian Market is showing up for the next week. Any positive outcome on Monday RBI Board meeting can become a trigger to move Sensex, Nifty and Bank Nifty for a new high in November series. As we mentioned in our heading Indian Markets are Back on Track but traders should be cautious and closely monitor Crude, Rupee, Global Cues and RBI event before taking any trade.
Read our article: Are you long-term investors by Chance or by Choice?
Read our article: Are you long-term investors by Chance or by Choice?
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Finogyan Team
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