Market View: 12-16 NOV 2018

Filed in Market Update by on November 12, 2018

 

Week Market View: 12-16 NOV 2018
View Last week the NIFTY closed at 10585.20 registering a gain of +0.31% over previous week. The week was mostly dominated by consolidation as NIFTY moved in a narrow range of 150. The NIFTY has formed a hanging man pattern on the weekly charts. This pattern though is a bearish reversal one, we feel that the NIFTY could just swing in any direction from here on and hence we must be cautious. Earnings, rupee strength, crude movement, trade war concerns between US-China would dominate the markets this week. More than 2000 companies will be declaring their earnings this week for the September quarter. Also the drop in the crude oil prices and the rupee’s strength will be keenly watched by the markets. While both The US and China have attempted to hold talks amidst the ongoing trade war, the outcomes have turned out to be negative till now. However there are signs that the issues might get resolved sooner or later. Now it is important for the markets to breakout above the 10650 levels soon, else the bears would grip the markets tightly. The NIFTY will face some stiff resistance at 10700 levels and it would take some good support at 10500. Any fall below 10500 should ring warning bells. Let’s have a cautious approach this week and keep a low profile. All the best!

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