Dalal Street Week Ahead: November 4th Week #NiftyFuture Trend

NiftyFuture last close: 12871.30

NiftyFuture was gained 80 points and Sensex rose 245 points in last week after surging 10% in the previous two weeks

In last week bulls strength reduced compared to the previous two week

On last week Mid-cap and Small-cap stocks was seen action and index rose 2.8% and 1.6%

FIIs net bought 46250 crore in Nov month so far this is the highest monthly inflow in last two decades

On other hand DIIs took advantage of recent big rally and they continued with their profit booking. They sold Rs 32643 crore in Nov month so far

DII not even to buy single day in current month and they sold highest figure since 2007

Action was seen Banking, Financials, Metals, Realty, and Intra stocks

Selling pressure was seen in last week Telecom and Pharma stocks

Especially Reliance did not support to index and seen strong selling pressure

The positive news from leading pharma companies in last two weeks

First Pfizer reported vaccine showed a 95% success rate and as a result, Second Moderna claimed that its vaccine is 94.5% effective

However, Almost near by 100% success rate it will be helped to Covid-19

India worried about spike in virus cases in key states like, Kerala, Gujrat, MP, WB, Delhi and MH

Some states planning to curfew in particular cities

In India recovery rate increased to 93.75%, compared to 93% in the previous week

On last week NiftyFuture was consolidated around 12740 to 12975. Almost 200 points range bound in last 4 sessions but volatility was more

On Thursday NF was formed hammer pattern candle and Friday index formed small-bodied bullish candle which was tough fight seen in bulls and bears

On Nov 4th week, NF is facing a strong weekly resistance 12950-12980, Once if breaks and manages above the level

Bulls will be dominate up to 13070 and 13180 but expecting profit booking at higher level might not be ruled out.

On the contrary, NF finding support at 12740 which was placed on last week low

If manages below 12740………….Expecting more weakness up to 12480.

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Updated: 11.42 am / 22th Nov 2020