Dalal Street Week Ahead: Oct 3rd Week Outlook

NiftyFuture last close: 11929.80

NiftyFuture continued uptrend for the second consecutive week ended Oct 9

Nifty was gained almost 500 points in last week (+4.4%) the highest closing level since Feb 20

While the SENSEX was rallied 1815 points or 4.70% but Midcap index fell 0.3% and Small cap index almost in flat note

On 18th Sept to 24th Sept Nifty was fell from 11600 to 10800 in just 5 sessions

On 25th Sept to so far (09th Oct)Index was rallied from 10800 to 11950 in just 10 sessions index spiked 1150 points……. Awesome!!

In last week not heard any negative news from the street and positive news was, Strong start the Sept earnings session in TCS, Good Auto sales data, Positive commentary on RBI and Stimulus hopes in USA

Coming week (Oct 3rd week) focus on IT stocks Wipro, Infy, Mindtree and HCLTech

Overall IT stocks was seen strong rally in last week and rally will be continued on coming week also

SC is scheduled to hear the loan moratorium case on Oct 13 which is very crucial for banking stocks

Covid-19 recovery rate stood at 85.8% this weekend. This is very positive news for India

On Monday IIP data and CPI inflation will be released while WPI inflation will be released on Wednesday

NiftyFuture weekly trend decider 11795 and 12160

NiftyFuture has formed a bullish candle on daily and weekly chart which is indicated a positive trend

Index is facing a weekly resistance at 12160 which is placed at Feb 20th top trend line

Once if breaks and manages above the level…….. Rally will be continued 12260 and 12420 (All time high)

In overall this is not a healthy market………. Hence stay caution at higher levels!!

NF can be considered as weekly support as 11795. If breaks and closes below the levels

Finding a next supports 11630, 11550 and 11450 which is placed a weekly low

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Updated: 05.19 pm / 11th Oct 2020