Slideshow: Market movement hinges on clarity in COVID trends; awaits GDP, auto data

#Market Cues, #Nifty, #Sensex, #Slideshow
Indian equities witnessed a sharp correction for the week ended November 26 with the Nifty breaching 17,000 mark as the new COVID variant rattled investors. Rising coronavirus cases in the West, inflation worries across the globe and continued FII selling also added to the selling pressure. Last week, the BSE Sensex cracked 2,528.86 points (4.24 percent) to close at 57,107.15, while the Nifty50 dropped 738.3 points (4.15 percent) to settle at 17,026.5 levels.
#Market Cues, #Nifty, #Sensex, #Slideshow

Sachin Gupta, AVP, Research at Choice Broking | Technically, the index has continued the breakdown of the head-and-shoulder pattern after retesting the neckline, which indicates bearishness in the index. Moreover, the index has moved below 100-day SMA and also formed a Bearish Marubozu candle on the daily chart. However, the momentum indicator RSI and Stochastic has been trading at oversold territory. The Nifty has support at 16,700 levels while resistance at 17,300 levels.

#Market Cues, #Nifty, #Sensex, #Slideshow

Ajit Mishra, VP – Research, Religare Broking | Though the COVID is not new to the market, the reaction is largely in response to the news of a different variant, while the US and Europe are already struggling. The way the markets closed on Friday, we expect more pain in the coming sessions. Apart from the global COVID-related update, markets will also be eyeing the domestic data like auto sales and GDP numbers for cues. Since the Nifty has slipped below the critical support zone of 17,150, the next crucial support comes at 16,700. Traders should continue with the bearish bias and use the bounce to create shorts. Investors, on the other hand, should see this as an opportunity and start accumulating quality stocks in a staggered manner.

#Market Cues, #Nifty, #Sensex, #Slideshow

Parth Nyati, Founder, Tradingo | The Nifty is continuing its southward journey following the breakdown of a bearish head-and-shoulder formation and it has also slipped below its critical support of 100-DMA of 17,088 with bearish marubozu candlestick formation that has opened the door for further weakness towards 16,700-16,400 levels. On the upside now, 17,100 will act as an immediate hurdle, while 17,350-17,400 will be the next critical resistance zone.

#Market Cues, #Nifty, #Sensex, #Slideshow

Yesha Shah, Head of Equity Research, Samco Securities | Post Q2 result season, Dalal Street will look towards macros for hints to move the needle in broader markets. Inflation being a key factor will be at the centre of all news in the next two weeks since the RBI MPC meet is scheduled in December. Further, a slew of listing flops in IPOs in the coming weeks could also indicate the slow drying up of liquidity from the markets in general. November monthly auto sales number can be a trigger to drive some movement in the coming week.

#Market Cues, #Nifty, #Sensex, #Slideshow

Joseph Thomas, Head of Research, Emkay Wealth Management | The markets are expected to remain volatile with reports of surging infections in the next wave of the pandemic especially in some of the European countries.

#Market Cues, #Nifty, #Sensex, #Slideshow

Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities | The Nifty has formed a long bearish candle and after a lengthy correction it is currently trading near the 100-day SMA. On daily charts, the index has broken the important support level of 17,200 and closed below the same. While the short-term formation is weak, a quick pullback rally is not ruled out if the Nifty succeeds to trade above the 100-day SMA. For day traders, 17,150 or 100-day SMA would be the immediate hurdle above the same. On the flip side, trading below 17,150, the index could decline up to 16,900-16,750 levels. Contra traders can take a long bet near 16,750 with a strict support stop loss at 16,625. Meanwhile, the Bank Nifty closed below the 100-day SMA which is broadly negative. For the index, 37,000 and 37,700 could act as important resistance levels in the short run.

#Market Cues, #Nifty, #Sensex, #Slideshow

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services | Going ahead, the market is likely to continue being under pressure till clarity emerges over how dangerous this new COVID variant can be. Already the market is precarious over timing of the Fed raising interest rates in the US. With the emergence of new, highly mutated COVID-19 variant and EU announcing temporary ban of flights from South Africa along with a few EU countries already under full lockdown scenario, market sentiments have taken a big blow. It is, therefore, wiser to grab the opportunity and invest in stocks that are backed by strong fundamentals and sound management. Blue chip stocks which act as safe havens for investors, provide good entry point at lower levels to invest from a long-term perspective. Also one can look for defensive sector stocks.

#Market Cues, #Nifty, #Sensex, #Slideshow

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas | On the way down, the Nifty breached the lower end of a falling channel as well as the swing low of 17,216. As a result, the Nifty has dipped into the crucial support zone of 17,200-17,000. In terms of the Fibonacci retracement, the Nifty has retraced 50 percent of the July–October rally. There is potential for recovery from this support zone as long as the index holds on to 17,000 mark on a closing basis. On the other hand, breach of 17,000 on a closing basis will allow the Nifty to slide towards the 61.8 percent retracement mark, which is near 16,700.

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