NiftyFuture last close: 11934.35
On last week NiftyFuture was shown strong performance and index rose 168 points (+1.43%) as well as Sensex rallied 700 points (+1.76%) during the 4th week of Oct
While the Mid-cap index and Smallcap index was surges 3% and 2.65% respectively
Except Wednesday and Thursday another three sessions NF was seen rage bound but Wednesday index was seen sudden fall up to 11766.75 from 12016 then bounced-back 11927
On Thursday index sustained around 11830 to 11930 but banknifty index was seen highly volatile
Easing virus risk, better earnings scorecard, and FIIs inflow boosted sentiment and index was climbed
FIIs net bought 13564 crore worth of stocks in cash segment in October month so far whereas DIIs net sold 15147 crore
Coming week more index companies will declare quarterly earnings Kotakabank, Bhartiartl, Tatamotors, Axisbank, DRL, Heromotoco, LT, Icicibank, Maruti, Reliance, Bpcl, Ioc, Marico, Upl, and Indusindbank
In India Covid-19 has been declining week-after-week which is strong support to the market
The active cases fell below 7 lakh for the first time in nearly two months
The recovery rate was stood around 90% on Friday against 88% on last week
US Presidential elections scheduled to be held on Nov 3
On USA, Covid 19 increases suddenly which hit at a record high in a single day on Friday
Till not yet passed stimulus packages. Maybe it will effect on coming week market
NiftyFuture weekly trend decider 12030 and 11765
NF has formed a small bullish candle on weekly chart and daily chart shown hanging-man pattern
Already I told, index was attempted 5 times around 12000 but unable to sustained above the level
In last 5 times index was touched 12k then was seen huge selling pressure and settled below 12k
In Oct 5th week………Major index company will be declaring earnings report and another big event monthly expiry. Hence expecting huge volatile on coming week
NiftyFuture is facing a weekly resistance at 12030, index once if breaks and manages above the level expecting huge short covering up to 12160 and 12275
On another hand, NF considering a weekly support at 11765 which was placed last week swing low.
If breaks and manages below 11765……… expecting next support around 11630 and 11550
So, the overall Open interest indicates that the coming week is likely to be more volatile.
Stay caution and take care!!
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Updated: 12.47 pm / 25th Oct 2020
