The last trading day of the week saw the index swinging wildly. During the week, the Nifty oscillated in a 446.65 range before closing the week on a flat note. The benchmark Index posted minor weekly gains of55.90 points.
We have a long weekend this time with Monday, 27th November being a trading holiday on account of Guru Nanak Jayanti. The coming week also has a monthly derivatives expiry lined up as well. Tuesday will see the markets starting by adjusting themselves to the global trade setup. The levels of 19900 and 20030 are likely to act as potential resistance levels.
market outlook: Dalal Street Week Ahead: A probable top may be around the corner for Nifty indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Dalal Street Week Ahead: Nifty behaviour against Falling Channel chart tells you to stay defensive
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The 15,000 level remains a sacrosanct resistance point, one lower than that exists at 14,800 level. As long as the 14,800-15,000 range is not taken out convincingly, Nifty will face selling pressure at higher levels on every bounce.
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Defensive stocks from IT, pharma, FMCG and consumption sectors are gaining strength relatively and this phenomenon is likely to persist in the coming week as well.
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The truncated trading week gone by turned out to be a disappointing one in ways more than one. When it had appeared that Nifty had rectified the violation of its immediate and important trend line supports, it violated it again and took support in the short-term 20-week moving average.