After an extended weekend, Indian markets are likely to start a fresh week with a positive note on the global backdrop.
Indian stock market benchmarks Sensex and Nifty managed to gain more than 1% in the week gone by, offering some respite to participants after two weeks of decline.
We’re going to see noticeable traction in the primary market as well as Paytm IPO is opening for subscription on November 8,” says Ajit Mishra, VP Research.
Amid all, we’re still seeing noticeable action on both sides so participants should maintain their focus on stock selection and overnight risk management,” says Ajit Mishra, VP Research.
Markets will remain busy dealing with global macro numbers where US inflation numbers that are scheduled on 10th November will be the most critical one whereas China will also announce its inflation numbers on the same day.
“If we talk about the derivative data then FIIs’ long exposure in the index future stands at 53% whereas put call ratio is trading at the 1.08 mark that is neutral for the market.
Technically, “Nifty is respecting its 50-DMA however the near term texture is weak where 18000-18200 is a critical resistance area where we can again see selling pressure while if Nifty manages to take out this zone then we can say that correction has ended and the market is ready for fresh expansion.
The “Nifty Bank is trying to respect its 20-DMA on a closing basis however 40500-41000 is a critical supply zone at any pullback and if it manages to sustain above 41000 level then it may again start to show strong bullish momentum.