Coming week market report By Mr. Rahul Sharma, Equity99
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Below is quote On Coming week market report by Mr. Rahul Sharma, Co- Founder, Equity99.
Markets broke its falling streak today with Sensex up 767 points & Nifty up 229 points both gaining its 60k & 18k mark. Nifty Consumer Durables was the top-performing sector today followed by Nifty IT & Nifty realty. The banking index was also in the green today with IDFC First Bank being the top-performing bank. Midcap Index was up 0.45%. Among Nifty 50 pack Tech Mahindra was the top performer followed by Hindalco & HDFC, while Bajaj Auto, Tata Steel & Hero Motocorp were top losers
Next week will be a shorter week with the market remaining close on Friday on account of Gurunanak Jayanti. Results season is over with only a few small & Midcaps companies left which will be declaring their results on Monday. We might see some volatility in markets with 3 IPO`s SJS Enterprises, Policy Bazar & Sigachi Industries set to list on Monday, Besides this global events will be affecting the market with India Declaring its Oct Month Import Export Numbers on Monday. Banking stocks will be in focus with the US declaring T Bonds foreign buying on Wednesday. Next week the volatility in the market is expected to continue as FII continues selling in Indian Markets.
Technical Levels
Nifty 50 – After today`s up-move in market 18000 will act as very strong support on breaking which next 17875 will be next support and once this level is broken then we`ll see 17700 levels. On the upper side, 18200 will act as very strong resistance and if markets break these levels then the next strong resistance will be 18250 on breaking which 18400 level is possible.
Bank Nifty – For the banking index, 38600 will act as very strong support, on breaking which we might see 38300 levels. On the upper side, 38900 will act as very strong resistance. If this level is broken then next resistance will be around 40200
Results on Monday – Rajesh Exports, Tinplate
Sector in focus – Banks, Chemicals, Automobiles & Metals.
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