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 traded in a range. This week the market settled mixed whereas the Nifty index closed below 11600, Niftybank stayed below 29500 and Sensex holds 39000. Week to week closing the Nifty index loses –80 points, Sensex loses –240 points each whereas the Niftybank index gains 275 points.
On a weekly basis, the Nifty index opened at 11657.15 went up to 11714.35 and closed at 11583.90 after making the low of 11490.75. Niftybank index opened at 29416.25 and stay volatile between 29693.25 to 28923.80 settled at 29395.95. Sensex opened at 39233.40 made a high of 39426.47 low 38718.27 and closed at 39058.06.
As per our last view, ‘if the Nifty index holds above 11710 then it goes up to 11900 to 12000 in coming weeks and if the Nifty index breaks and sustain below 11540 then it can fall towards 11400’ and the index unable to hold 11710 and fell till 11490 after breaking the 11540.
For next week’s trading, if the Nifty index stays above 11650 then further rally can be expected in the coming weeks. If the Nifty index sustains below 11550 then we can more downside level till 11400 to 11300.
Above is the Nifty weekly chart. From the chart above it can be seen that the index staying up following the 100-day moving averages. The index has taken the support of 10600 and bounce back to 11714. On the daily chart, the index has formed three top patterns and also broken the hourly uptrend line which is suggesting the correction of current rally. As per our expectation, the index has corrected from 11700 to 11490. Technically, the market looks volatile and stays consolidating in a range from 11700 to 11160.
Index Nifty trading zone from 29-10-2019 to 01-11-2019
Upside resistance(weekly):- 11600, 11715, 11820.
Downside support(weekly):- 11550, 11480, 11370.
CORPORATE ACTIONS
| SCRIPT | PURPOSE | EX-DATE | RECORD DATE |
| DBCORP | Interim Dividend – Rs. – 6.5000 | 29 Oct 2019 | 30 Oct 2019 |
| SIYSIL | Special Dividend – Rs. – 4.0000 | 29 Oct 2019 | 30 Oct 2019 |
| ASIANPAINT | Interim Dividend – Rs. – 3.3500 | 30 Oct 2019 | 31 Oct 2019 |
| CYIENT | Interim Dividend – Rs. – 6.0000 | 30 Oct 2019 | 31 Oct 2019 |
| ISTLTD | Stock Split From Rs.10/- to Rs.5/- | 01 Nov 2019 | 04 Nov 2019 |
| TVTODAY | Interim Dividend – Rs. – 20.0000 | 31 Oct 2019 | 02 Nov 2019 |
| HCLTECH | Interim Dividend – Rs. – 2.0000 | 31 Oct 2019 | 01 Nov 2019 |
| IIFLWAM | Interim Dividend – Rs. – 10.0000 | 31 Oct 2019 | 01 Nov 2019 |
| ISEC | Interim Dividend – Rs. – 4.2500 | 31 Oct 2019 | 01 Nov 2019 |
| ICICIPRULI | Interim Dividend – Rs. – 0.8000 | 31 Oct 2019 | 01 Nov 2019 |
NEWS HIGHLIGHT
- Reliance industries to form digital subsidiary with Rs.1.08 lakh crore investment.
- SBI asset quality improves but potential concerns demand caution.
- TATA mutual fund moves NCLT against DHFL.
- Infosys announces stock incentives for over 6000 mid-level employees.
- Maruti Suzuki discounts hit an all-time high, yet sales slump in Q2.
- SC orders telecom companies to pay dues to DoT within three months.
- Exchanges to take additional surveillance measures on stocks with high promoters pledge.
- Reliance industries move to create a highly valuable digital business platform.
