Weekly Wrap-Up (Nov 13 – Nov 17, 2023)
The Indian equity benchmarks started the week and Samvat 2080 on a positive note, overcoming volatility. The benchmark indices ended the week a percent higher on expectations of a longer pause by the central banks, falling crude oil prices, and the moderation in US yields.
Indices Weekly Performance
The Sensex rose 1.37 percent to end at 65,794, while the Nifty50 gained 1.06 percent, to close at 19,731.
Indices Analysis
Nifty 50 :-
Nifty 50 overall have been traded as a gap provider this week:
Sunday , Due to diwali markets were open for 1 hour on account of Muhurat Trading and Nifty indices opened gap up and traded in a range of 50 pts .
As on Monday, Nifty opened gap down and traded sideways during the day .
On Tuesday , Markets were closed on account of Diwali Balipratipada
On Wednesday, Indices opened gap up by 200 pts and traded positive during the day closed with a gains of 231 pts .
On Thursday, Nifty opened flattish and traded positive but faced a rejection at 19,864( levels provided at daily blogs) and closed net 89 pts of gains
On Friday , Nifty opened flattish and traded in selling pressure during the day while providing a net loss of -33 pts .
Overall now as per market structure Nifty view is CONSOLIDATION TO NEGATIVE. As per weekly basis
BANK NIFTY:–
BN INDICES have been observed forming a rejection candle on weekly charts from 44,500-44,600 zones.
As on daily Time frame the behaviour was :-
Sunday , Due to diwali markets were open for 1 hour on account of Muhurat Trading and BANK Nifty indices opened gap up and traded in a range of 100 pts .
As on Monday, BN opened gap down and traded in a buying volume during second half by closing in net loss of -105 pts.
On Tuesday , Markets were closed on account of Diwali Balipratipada
On Wednesday, BN Indices opened 500 pts GAP up and traded flattish during the day .
On Thursday, BN Indices opened flattish and provided a selling volume during the ending session closing with net loss of -40 pts .
On Friday BN opened -500 gap down and provided both side volatility during the day with overall loss of -577 pts . BN now on weekly basis have form a rejection candle on weekly time frame and can be observed in SIDEWAYS TO NEGATIVE session during the week
Nifty Chart
The index has broken out of an 80-week consolidation patch, resembling an accumulation zone. From a pattern perspective, it indicates a double bottom breakout. The index is retracing to the earlier breakout, a healthy sign. It is advisable to buy the index through ETF in the accumulation zone, with a range of CMP 31700 to 30500. The stop loss can be set at 29250, with an upside potential at 36500 and 38700. Holding the index for a 2-year period could yield better returns.
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INDIA VIX
India VIX rises by 6.48%, reaching 11.82, signaling an increase in market volatility.
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Sectoral Performance
Among sectors, the Nifty information technology index added 5.07 percent, realty 4.62 percent, auto 3.80 percent and the Nifty metal index was up 3 percent
FII & DII Weekly Activity
Overall FII’s have been consistent net sellers in cash markets while DII’s are supporting the selling in markets by being net buyers.
Global Market
GIFT Nifty :- Gift Nifty has closed with a gains of 312.5 pts
Dow Jones :- DJI has closed with a gains 664.18 pts
Nasdaq :- Nasdaq has has closed with gains 308.87 pts
S&P 500:- SPX has closed with a gains of 98.80 pts
Currency Indices
The rupee closed at 83.22 compared with its close of 83.25 in the Thursday’s session. The currency was rangebound between 83.01 and 83.3325 this week and ended largely unchanged from last Friday.
Commodity Market
crude oil experienced a downward trend throughout the session and formed a bearish candle, closing at -6.88% negative. The decline in oil prices this week was mainly triggered by a steep rise in U.S. crude inventories, with production sustaining at record levels.The current R1 is placed at 6500, and S1 is placed at 5800
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Team Navia
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