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Published on 5/11/2018 4:40:58 PM | Source: Religare Securities Ltd

We advise keeping stock specific trading approach and focusing on trade management - Religare Sec

Posted in Market Outlook| #Market Outlook #Religare Securities Ltd


The Month That Was:-

Nifty lost approx. 544 points in the month of October, 2018.

Below is a summary of Top Nifty Gainers & Losers:

*  Breadth of Nifty stocks was negative – 46 stocks closed in red while 4 stocks closed in green in the month of October, 2018.

*  Relative comparison shows Energy, Auto and IT Index were the underperformers whereas Media, Fin Service and Banknifty were the outperformers in October, 2018.

All the sectors have been compared with Nifty & the zero line represent Nifty. The movement of the sector vis-a-vis Nifty whether they outperform or underperform is shown in the above chart. It shows which sectors have attracted inflows and also the sectors from where money has exited.


Outlook for Nifty 50 (10,553)*

Support 10,420/10,100/ 9950 Resistance – 10,675/10,800/10,920

*  Nifty continued its decline and tested the major psychological mark of 10,000 last month. However, rebound in the final week and helped index to settle at 10,386.60; down by nearly five percent.

*  Mostly sectoral indices traded under pressure in line with the benchmark index wherein energy, auto and IT were the top losers. We had the similar trend on broader front too.

*  Nifty is likely to witness some rebound after two consecutive months to fall. However, upside also seems capped, citing multiple hurdles around 10,800. We advise keeping stock specific trading approach and focusing on trade management.


Outlook for Bank Nifty (25,701.65)*

*  Bank Nifty showed resilience last month and managed to end almost flat, thanks to sharp rebound in banking majors, both from the private and PSU pack. It consolidated in a broader range of roughly 24,400-25,500 while holding above the support zone of 100 EMA on the weekly chart and finally closed at 25,153.25;

*  Surprisingly, PSU pack led the recovery and posted strong gains while select buying was witnessed on private banking front.

*  Technically, it looks stronger than Nifty and likely to see further recovery above 26,000. We reiterate our preference for private banks as they trade less erratic and their overall trend is still up.


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