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The last trading day of the week saw the index swinging wildly. During the week, the Nifty oscillated in a 446.65 range before closing the week on a flat note. The benchmark Index posted minor weekly gains of55.90 points.
If the markets show any incremental upmove, more emphasis and focus would be needed to book and protect profits rather than making new purchases.
We have a long weekend this time with Monday, 27th November being a trading holiday on account of Guru Nanak Jayanti. The coming week also has a monthly derivatives expiry lined up as well. Tuesday will see the markets starting by adjusting themselves to the global trade setup. The levels of 19900 and 20030 are likely to act as potential resistance levels.
Dalal Street Week Ahead: Nifty behaviour against Falling Channel chart tells you to stay defensive SECTIONS Share Synopsis The 15,000 level remains a sacrosanct resistance point, one lower than that exists at 14,800 level. As long as the 14,800-15,000 range is not taken out convincingly, Nifty will face selling pressure at higher levels on every bounce. Getty Images Defensive stocks from IT, pharma, FMCG and consumption sectors are gaining strength relatively and this phenomenon is likely to persist in the coming week as well. Related The truncated trading week gone by turned out to be a di...
In our previous weekly note, we had projected the market to show limited upsides and talked about the possibility of Nifty slipping into the consolidation mode. The week gone by remained quite volatile and Nifty oscillated in a violent and volatile way for the first four days of the week, showing no clear directional bias. Just when it was consolidating on the expected lines and in a defined range, a spike in US bond yields on Thursday caused severe weakness in the market on the last day of the week, turning it into one of the worst performances in recent times. At the end, the headline Nifty...