Indian benchmark indices formed a bullish candle after a continuous sharp fall for two months. Last week Sensex and Nifty and Bank nifty rallied around 5%, bounce back was seen mainly into Banking and Financial, Auto, Metal and FMCG stocks.
As discussed in our last weekly report market can bounce if there is any positive development in Crude oil price, Trade war, and Rupee appreciation. Exactly the same thing happened in last week, the sentiment in the market improved due to the hope of trade negotiations between the US and China, fall in crude oil price and rupee appreciation against the dollar. The Q2 earnings have made a mixed response in the market.
Next Week Events for The Stock Market:
Next week is Diwali, Mahurat Trading is on 7th Nov Wednesday 5.30pm to 6.30pm, the stock market will be closed on 8th Nov Thursday, only 3 trading days in the week. Due to Diwali and holidays trading volume is expected to be low next week. Further any positive development in global cues, Trade war between US and China, Crude oil price, rupee appreciations, Q2 earnings will take Sensex, Nifty and Bank Nifty to the next level.
Also, read our post-Diwali Stock Picks: Are you searching for Diwali Multibagger Stocks? Here's what you should know
Technical levels for the Nifty and Bank Nifty:
Nifty Weekly Outlook
Primary Trend: Up OHLC-(10089.75/10632/10055.55/10577.05)
Range Bound Trend: All up moves initiates Profit Booking (Sale) @ 10765 whereas all down moves initiate Short Covering (Buy) @ 10405
If Nifty moves above 10655 then you should Buy with 1st Target of 10875 during the day or any point during the week by Trailing the Stop Loss from 10400-10540-10620-10760-10875-10975 FOR the Target of 10985-11090-11225
If Nifty moves below 10515 then you should Sell with 1st Target of 10295 during the day or at any point during the week by Trailing the Stop Loss from 10765-10635-10550-10415-10275-10190 FOR the Target of 10185-10075-9950
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| Stock Market Outlook: Nifty and Bank Nifty technical levels for the week 5th Nov to 9th Nov |
Bank Nifty Weekly Outlook
Primary Trend: Up OHLC-(24683.65/25898/24471.25/25750)
Range Bound Trend: All up moves initiates Profit Booking (Sale) @ 26220, whereas all down moves initiate Short Covering (Buy) @ 25335
If Bank Nifty moves above 25950 then you should Buy with 1st Target of 26490 during the day or any point during the week by Trailing the Stop Loss from 25325-25670-25875-26210-26550-26750 FOR the Target of 25800-25995-26240
If Bank Nifty moves below 25610 then you should Sell with 1st Target of 25075 during the day or at any point during the week by Trailing the Stop Loss from 26225-25900-25680-25350-25025-24800 FOR the Target of 24795-24525-24200
Conclusion:
The bullish candle of benchmark indices is formed as per above chart in Nifty and Bank Nifty. Any further positive development in Trade war, Crude price, and Rupee appreciation will move the market in the northward direction. Traders should also track the global cues in the coming week before doing any trade.
Read our post-Sensex or Nifty – Which one you should follow
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Happy Investing!
Finogyan Team
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