InvestorQ : What is the market outlook and Nifty trend for the week starting from 09th November 2020?
Dhwani Mehta made post

What is the market outlook and Nifty trend for the week starting from 09th November 2020?

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4 months ago
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Indian benchmark indices inched closer to their respective all-time high levels, erasing all Covid-19 induced losses. Financials led the rally from the front, as most cyclical joined the party. Metals were other notable outperformers. Realty was the only sector to end the week with marginal losses. Market breadth was strong, though small-cap underperformed majorly. Volatility eased. FPIs were major buyers, while DII continued to sell. INR and bonds also strengthened marginally. The level of activity was good and momentum remained high.

Clarity over US election outcome, further easing by BoE, and continued “whatever it takes” stance of the US Fed triggered a massive risk on rally globally. Risk assets rallied despite further mobility restrictions in Europe due to the spread of Covid-19 cases. Volatility crashed. USD weakened. EUR, Precious metals, Cryptos, equity, bonds, oil, and metals all rallied hard.
The midterm (monthly) outlook for Nifty improved from neutral to positive last week. The near term (daily) and short term outlook and trend for Nifty though remain neutral (indicating a balanced risk-reward). The momentum remains high, indicating a good probability for change in the market outlook and trend.

For this week:
The day traders may avoid trading in the 11940-12070 nifty range. The long positions may be held with a stop loss of 11645. Outstanding short positions may be held only with a stop loss of 12370.

Bank Nifty midterm (monthly) outlook and trend have also improved from negative to neutral. The near and short term trend also remains neutral. All short positions may be held with a stop loss of 26975. Day Trading may be avoided in the 25370-25830 range. For all long positions maintain a strict stop loss of 25146.
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