Nifty Scales New Highs After Consolidating Gains; FII Buying Continues
In November, Nifty consolidated gains and was trapped between 10,800 and 12,000 for most part of the month. The gap between Nifty and its rising 21-DMA shrank as a result of the consolidation during the month. At the start of November, Nifty was extended 3.5% and 6.0% from its 21- and 50-DMA, respectively. Currently, Nifty is trading less than 1% and 3% above its 21- and 50-DMA, respectively. The market remained in a Confirmed Uptrend and the distribution day count remained low during the month, with the addition of two distribution days in the last week of November. The distribution day count is now at four. FIIs/FPIs were net buyers in November (Rs 13,000 crore), while net selling from DIIs was Rs 8,000 crore. Continue reading “Industry Update: November 2019”
