InvestorQ : What is your view for markets on 02-November after the sharp rally on Monday?
Debbie Mascarenhas made post

What is your view for markets on 02-November after the sharp rally on Monday?

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diksha shah answered.
1 month ago
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On Nifty, the Nifty strength after a fairly log gap as it closed with gains of 258 points at 17,930 levels. The good thing about the bounce was that the recovery was largely broad-based with the rally cutting across sectors like banks, metal and IT. The undertone remained strong through the day.

Even the advance / decline ratio, which is a good indicator of market breadth, was decisively favouring advances in the ratio of 46:4. In addition, the volatility index or the VIX also tapered to 17.09 levels. However, the big question mark is over the outcome of the Fed meeting on Wednesday.

Foreign investors sold Rs.202 crore of equities and DFIs bought Rs.116 crore on Monday 01-November. Gross figures continued to be high. In global market cues, the Dow was up 24 bps while NASDAQ was up 63 bps. While European markets were strong, the Nifty opened flat to weak.

I thing the markets would still remain cautious ahead of the Fed statement as that is likely to have a major bearing on the FPI flows. You would probably get to see a clearer trend only after Diwali.

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