InvestorQ : What is the market outlook and the Nifty trend for the week starting from 26th October?
Tisha Malhotra made post

What is the market outlook and the Nifty trend for the week starting from 26th October?

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2 months ago
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Indian equities outperformed their global peers and recorded decent gains. The momentum was good and the level of activity higher. FPIs remained large buyers, while DII continued to remain on the sell-side. Market breadth improved materially as mid and small-cap stocks outperformed the benchmark. Realty and Banks were the top-performing sectors; while the defensive FMCG, IT, and pharma sectors underperformed. Volatility remained at elevated levels. INR weakened marginally while bond yields continued to ease.

US politics, dithering over stimulus and pandemic fears in Europe made sure that the global markets remain in a risk-off mood. Equities were weak generally, USD strengthened, precious metals gained, while crude and bonds sold off. Volatility remained at elevated levels. EUR gained over 1%. India was a noticeable outperformer.

The outlook and trend for Nifty remain unchanged from last week. The outlook and trend is positive for near (daily) and short (weekly) terms, while for midterm (monthly) it continues to remain neutral. The momentum remains high, indicating good probability for change in the market outlook and trend. 

For this week:

The day traders may avoid trading in 11738-11896 nifty range. The long positions may be held with a stop loss of 11416. Outstanding short positions may be held only with a stop loss of 12032.

Bank Nifty outlook and trend also remains unchanged from last week. The near and short term trend is now neutral while Long term trend continues to remain negative. All short positions may be held with a stop loss of 24885. Day Trading may be avoided in the 23975-24336 range. For all long positions maintain a strict stop loss of 24145.
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