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Below is Weekly outlook Nifty and Banknifty by Mr. Anuj Gupta, Vice President, IIFL Securities

Last we we have seen that nifty breached the resistance level of 18000 and closed higher by 2.72% at 18218 levels. However Banknifty increased only by 0.37% and closed at 41455 levels. 

 U.S. stocks also closed higher on Friday in volatile trade to snap a four-session losing streak as investors wrestled with a mixed jobs report and comments from Federal Reserve officials on the pace of interest rate hikes. US job report increased the sentiments of slower increas in interest rates hike by FED in December.

All asian currency followed by yuan and rupee witnessed a sharp recovery. Ruppee incresed by 0.21% and closed at 82.46 levels in futures market. 

We are expecting for the next week nifty and banknifty may trade positive. Technically nifty support at 18000 and then 17750 levels. Resistance at 18300 and then 18650 levels. Banknifty suppprt at 40700 and than 40000 levels, resistance at 42200 and them 43000 levels. Metals, Banking and Energy sector may lead the rally next week. Nifty may test 18300 to 18600 levels and banknifty may test 42200 to 43000 levels in the next week.

Ruppee also expecting to appreciate further on the back of weakness in dollar. It has support at 82.10 and then 81.70 levels, resistance at 82.80 and then 83.30 levels. 

India's foreign exchange reserves logged their biggest weekly jump since in last one year and also rose for the first time in three weeks for the week ended October 28.  It rose by $6.56 billion to $531.08 billion. Gold reserves rose by $556 million to $37.762 billion.

We are seeing optimism in indian stock market and expecting that sensex may test most awaited mark of 62000.

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