Stock Market Daily Updates: 13 Nov 2020

Dear Trader…

Pfizer's successful vaccine to save the world from the Corona epidemic saw the Indian stock markets rebound with global markets in anticipation of a successful recovery today the Indian stock market's bullish run stopped at a red mark due to a sell-off.

The news of the Covid-19 vaccine with high efficiency raised hopes of faster than expected recovery in the global economy boosted the sentiment. On the domestic front, buoyancy continued in the banking and financial majors which gradually pushed the index as the session progressed.

After the controversy over futures retail in Reliance Industries and the continued takeover of funds in banking-finance stocks, the Indian stock market today came under heavy pressure due to off-loading and weak global signals.

The Corona epidemic has crippled the world economy, including the country. Different countries are trying to re-establish the system in the wake of various schemes and relief packages. Hope and confidence are being expressed that India is also settling down soon.

Markets extended the prevailing momentum tracking firm global markets. Domestic equities finally took a pause today and profit booking was visible in financial stocks. However, The government has announced one more relief package to revive the derailed economy in the corona crisis as a big Diwali gift to the people across the country so that the people in every sector do not get in trouble and get help. 

Self-Reliant India 3.0, with an estimated 12 announcements by the finance minister is positive, which was mainly focused on job creation and pick-up in infrastructure developments in the country.

Nifty is not showing any sign of slowing down and may take a breather around 12808. Needless to say, the recent surge was largely driven by banking and financials while others are contributing selectively. Traders should align their positions accordingly and use dips to accumulate stocks that are participating in the rally.

In the next, unless Nifty trades above 12808 levels the trajectory of the market shall remain sideways with negative bias but a close below 12606 levels can be a harbinger of a fresh leg of short-term downswing which if materializes shall initially drag down the index towards 12575 levels.

Contrary to this a fresh upsurge with a close above 12808 levels can extend the rally towards 13003 levels.

Dear Traders…. For the Trading Idea of…

• Nifty Future closed @ 12706 as on 12.11.2020..!!

Nifty Future has resistance at 12737 – 12760 Point; above which other resistance levels are at 12787 – 12808 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 12676 – 12636 Point; below12636 Point, other support levels are at 12606 – 12577 Point.

I am positive for the next bullish trend only above @ 12787 Point but be with the trend. Let the market decide further moves. 

As we are saying from many days, Buying is suggested in falls only...and it’s still a better strategy in the given Scenario...!!!

Regarding Long term positions, it is preferable to remain cautious now...!!

If Nifty Future crosses @ 12787 Point, again then the upper side target is quite high and it may touch @ 12808 Point in the short term...!!!

• Bank Nifty Future closed @ 28316 as on 12.11.2020..!!

Bank Nifty Future has resistance at 28373 – 28404 Point; above which other resistance levels are at 28484 – 28505 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 28280 – 28088 Point; below28088 Point, other support levels are at 27979 – 27808 Point.

I am positive for the next bullish trend only above @ 28505 Point but be with the trend. Let the market decide further moves. 

As we are saying from many days, Buying is suggested in falls only...and it’s still a better strategy in the given Scenario...!!!

Regarding Long term positions, it is preferable to remain cautious now...!!

If Bank Nifty Future crosses @ 28505 Point, again then the upper side target is quite high and it may touch @ 28575 Point in the short term...!!

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