After a sharp correction in September and October series, Indian markets are back on track in the month of November. Both Sensex and Nifty50 rose more than 5 percent and Bank Nifty gained above 7 percent in November series. Fall in crude price towards $60/bbl and 5.5 percent appreciation in rupee against the dollar were the main reason for the fantastic rally. The Dovish Commentary of US Fed Chairman Jerome Powell's which came on Wednesday night that US interest rates are "just below" neutral level indicates no rate hike in near term. This boost the market sentiment globally and India market witnessed the rally on November expiry day.
After the sharp correction in Sept and Oct, FII's were also back in November. They were the major buyers in the Indian Market and market is expecting the momentum would continue in Dec also.
The market was expecting GDP growth rate which was released on last Friday aftermarket, it was 7.1 percent. The Market analysts were expecting between 7.3 to 7.7 percent GDP rate. The decline in GDP was due to higher crude price and slow mining and manufacturing sector growth. As it was already expected hope market will not react aggressively on a decline of GDP growth rate.
Also, read our article Do you trade in the stock market on Stock News? Know how to avoid five common mistakes to earn money.
Also, read our article Do you trade in the stock market on Stock News? Know how to avoid five common mistakes to earn money.
Next week's event for Stock Market:
Next week there are some big events, The Nikkei manufacturing and service PMI data would be released on 3rd Dec and 5th dec respectively. The November Auto sales data which was released on last Saturday was not so encouraging can see some volatility in the Auto sector.
The main event is Reserve Bank of India (RBI) Monetary Policy which is scheduled on 5th of Dec during market hours. This time it is expected that RBI will maintain the status quo in the repo rate. The growth in the manufacturing sector has declined in that situation it would be tough for RBI to hike interest rate, we have to wait and watch. OPEC meeting is scheduled on 6th Dec, traders need to closely monitor the outcome of the meeting especially the rupee and crude oil price.
Please read our article Think twice before doing an FD or keeping money idle at the bank account
As per Nifty and Bank Nifty technical charts and Stock market news on the global front Indian Market looks positive. FII's are also strong buyers in the Indian Market since November. Investors/Traders should remain cautious about mainly in two events next week, one is RBI monetary policy and another is the outcome of OPEC meeting before taking any trade.
Nifty and Bank Nifty Technical Levels:
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| Stock Market News: Nifty Technical Levels |
Nifty Weekly Outlook
Primary Trend: UP OHLC-(10573.10/10949.75/10492.40/10900.65)
Range Bound Trend: All up moves initiates Profit Booking (Sale) @ 11050 whereas all down moves initiate Short Covering (Buy) @ 10775
If Nifty Moves Above 10970 then you should Buy with 1st Target of 11145 during the day or any point during the week by Trailing the Stop Loss from 10770-10875-10945-11050-11160-11225 FOR the Target of 11230-11315-11425
If Nifty Moves below 10860 then you should Sell with 1st Target of 10685 during the day or at any point during the week by Trailing the Stop Loss from 11075-10960-10885-10780-10675-10600 FOR the Target of 10595-10510-10400
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| Stock Market News: Bank Nifty Technical Levels |
Bank Nifty Weekly Outlook
Primary Trend: UP OHLC-(26075/27034/26025.05/26918.45)
Range Bound Trend: All up Moves Initiates Profit Booking (Sale) @ 27225, whereas All Down Moves Initiates Short Covering (Buy) @ 26600
If Bank Nifty moves above 27035 then you should Buy with 1st Target of 27415 during the day or any point during the week by Trailing the Stop Loss from 26575-26825-26975-27215-27450-27600 FOR the Target of 27615-27800-28050
If Bank Nifty moves below 26790 then you should Sell with 1st Target of 26410 during the day or at any point during the week by Trailing the Stop Loss from 27250-27000-26860-26625-26375-26225 FOR the Target of 26220-26025-25786
Please read our article Think twice before doing an FD or keeping money idle at the bank account
Conclusion:
As per Nifty and Bank Nifty technical charts and Stock market news on the global front Indian Market looks positive. FII's are also strong buyers in the Indian Market since November. Investors/Traders should remain cautious about mainly in two events next week, one is RBI monetary policy and another is the outcome of OPEC meeting before taking any trade.
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Finogyan Team
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