In the weekly analysis, we analyzing the whole week’s movement of the Nifty index. This week was highly volatile and event base. The market was witnessed sudden up and down and stayed bullish. The market closed positively this week and reached the near resistance of 11700. On the weekly closing, The Nifty index gains more than 350 points, Niftybank index gains around 1080 points and Sensex 1170 points each.
On a weekly basis, the Nifty index opened at 11335.90 went up to 11684.70 and closed at 11661.85 after making the low of 11290.05. Niftybank index opened at 28238.50 and stay volatile between 29250 to 28043.25 settled at 29120.25. Sensex opened at 38208.24 made a high of 39361.06 low 38066.13 and closed at 39298.38.
As per our last view, ‘if the Nifty index stays above 11250 and breaks 11400 then it will move up towards the 11600 and if the Nifty index breaks and sustains below 11160 then again it can fell downside’ and this week the Nifty index went up to 11685.
For next week’s trading, if the Nifty index holds above 11710 then it goes up to 11900 to 12000 in the coming weeks. If the Nifty index breaks and sustain below 11540 then it can fall towards 11400.
Above is the Nifty weekly chart. From the chart above it can be seen that the index staying up following the 100 day moving days averages. The index has taken the support of 10600 and bounce back to 11700. On the daily chart, the index has formed three top patterns which are suggesting the correction of the current rally. Technically, the market looks positive and can continue its rally up to 12000 in the coming days.
Index Nifty trading zone from 22-10-2019 to 25-10-2019
Upside resistance(weekly):- 11710, 11940, 12050.
Downside support(weekly):- 11545, 11400, 11150.
CORPORATE ACTIONS
| SCRIPT | PURPOSE | EX-DATE | RECORD DATE |
| HINDUNILVR | Interim Dividend – Rs. – 11.0000 | 23 Oct 2019 | 24 Oct 2019 |
| INFY | Interim Dividend – Rs. – 8.0000 | 23 Oct 2019 | 24 Oct 2019 |
| AMALGAM | Stock Split From Rs.10/- to Rs.5/- | 24 Oct 2019 | 25 Oct 2019 |
| LTI | Interim Dividend – Rs. – 12.5000 | 24 Oct 2019 | 26 Oct 2019 |
| MASTEK | Interim Dividend – Rs. – 3.0000 | 24 Oct 2019 | 26 Oct 2019 |
| MINDTREE | Interim Dividend – Rs. – 3.0000 | 24 Oct 2019 | 25 Oct 2019 |
| IMPAL | Bonus issue 1:2 | 25 Oct 2019 | 29 Oct 2019 |
| ARTEMIS | Amalgamation | 24 Oct 2019 | 25 Oct 2019 |
NEWS HIGHLIGHT
- Chetak makes a roaring comeback.
- IMF says the corporate income tax cut will help revive investment in India.
- Reserve Bank India signal thew more rate cuts.
- Reliance Industries Q2 profit at 11262 cr .
- Commerce ministry prepares for plug and plays strategy for eco zone invests.
- SEBI to auction Sai Prasad group’s 200 properties next month.
- Roadshow on Air India stake sells likely to start next week.
