Dalal Street Week Ahead Nov 3rd Week : #NiftyFuture Weekly Analysis

NiftyFuture last close: 12788.90

What a fantastic long week at record closing high on Muhurat trading on 14th Nov

Nifty gained 517 points or 4.3% and Sensex surged 1745 points while Midcap and Smallcap indices rose 3.6% and 3.95% on last week

Indian markets extending gains for second consecutive week

On last week all index likes Healthcare, IT, Metals, Banking and Telecom index gained 3% to 7%

FIIS seems very bullish on Indian markets and their support was the major reason for indices to trade at record high

They have bought Rs 19750 crore worth of shares in last week and they bought net total Rs 33232.35 crore for this November month. This is the highest level since 2007.

Domestic institutional investors to book profits as they net sold Rs 20301 crore in Nov

WPI inflation data for Oct will be releases on Monday

Covid-19 cases declining week-after-week as the active infections at 4.88 lakhs against more than 10 lakh in couple of months back

The recovery rate was at 93.2%

Gland Pharma is expected to list on Friday after its IPO was subscribed just 2 times

Weekly Trend Decider 12480 and 12940

NiftyFuture ended the week at record closing high in the one hour muhurat trading on Saturday

On Friday index was formed a strong bullish candle and Saturday one hour trading index was formed a small bodied candle. In overall weekly scale was seen very strong

While updating SGXNifty were trading at 12850 and index up almost 75 points

On Nov 3rd week NiftyFuture is facing a weekly resistance at 12940

Once if breaks and manages above 12940 and rally will be expected 13050 and 13170

More possibility is there in this November series index will breach 13000.

But………. The bears are taking a rest in last 10 days Once they back……… will show more strength

However, NF is expected to act as a support at 12500

If close below 12500………. Then bears will be dominate the market

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Updated: 10.18 am / 16th Nov 2020