MARKET PULSE:
Status: Confirmed Uptrend
Highlights:
Two up days, Three down days
Weekly Market Review:
Benchmark indices lost their two-week winning streak as markets observed a topsy turvy trading during the entire week. On Monday, indices traded flat followed by some heavy sell off on Tuesday and Wednesday. On Thursday, the Nifty managed to post gains, for the first time, in this week but on lower trading volume. Today, a very volatile trading session was observed. However, during the last hour of the trading session, key indices made some recovery on the news of GST rate cut for over 175 items, thus ending the day in green.
The Nifty started the week at 10,431.75 and traded in the range of 10,254.10-10,490.45. The index closed for the week at 10,321.75, down 1.25% from last week’s close. After opening at 33,710.15, the Sensex lost 1.10% this week to settle at 33,314.56. The index traded in the range of 33,108.09-33,865.95.
Broader indices also displayed some weakness as the Nifty Midcap and the Smallcap indices both lost 0.77% and 1.59%, respectively.
The MarketSmith IND 47 Index, which lists the top 47 stocks in chart and fundamental characteristics, lost 0.93% this week.
Barring three sectors, all indices ended in red this week. For the week, Nifty IT, PSU bank, and FMCG were the only gainers with gains of 3.54%, 0.66%, and 0.50%, respectively. On the downside, Nifty Pharma, Energy, and Realty were the top losers with loses of 5.92%, 4.49%, and 2.65%, respectively.
The following data released could turn out to be a market mover in the next week:
-Cumulative Industrial Production, manufacturing output and CPI datas to be released on November 13, 2017.
-WPI food, WPI fuel, WPI inflation, and WPI manufacturing inflation data to be released on November 14,2017.
This week, the Nifty gained one distribution day; thus, taking the distribution day count to three on the Nifty, while the Sensex gained two distribution day this week taking the count to two. The Indian Market remains in the confirmed uptrend.
Current Outlook:
– Market environment conducive for new purchases, but remain selective.
– Focus on fundamentally strong stocks breaking out of strong technical patterns.
– Stay disciplined and exercise sound buy and sell rules.
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