BSE Sensex and Nifty 50 are likely to start in the positive territory on Monday, as suggested by trends on SGX Nifty in early trade
BSE Sensex and Nifty 50 are likely to start in the positive territory on Monday, as suggested by trends on SGX Nifty in early trade. Global trends will guide the stock markets in this holiday-shortened week. Investors will eye foreign fund inflow, WPI data, oil prices, rupee movement against US dollar, among other key factors. Technical analysts say that 18200-18350 will be a crucial range for Nifty this week. Moreover, a bearish formation of ‘Head and Shoulder’ seems to in process on the daily chart of Nifty. “The neckline support is around 17700 – 17600, which if gets broken, we could see difficult days for market in the short run. With reference to our recent cautious stance on the market, we will not be surprised to see it happening soon, if we fail to go beyond the mentioned zone of 18200 – 18350 this week,” Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel One, said.
SGX Nifty in green: Nifty futures were trading 70 points or 0.4 per cent up at 18,203 on Singaporean Exchange, suggesting a gap-up start for the benchmark indices.
Global watch: Asian stock markets were trading higher in the early trade on Monday. Japan’s Nikkei rose 0.49% and the Topix index gained 0.47%. The S&P/ASX 200 in Australia gained 0.4%. Wall Street stocks closed higher on Friday. The Dow Jones Industrial Average rose 179.08 points, or 0.5%, to 36,100.31. The S&P 500 gained 33.58 points, or 0.72%, at 4,682.85 and the Nasdaq Composite added 156.68 points, or 1%, at 15,860.96.
Policybazaar, Sigachi, SJS Enterprises shares to list: Equity shares of three companies — Policybazaar & Paisabazaar operator PB Fintech, Sigachi Industries and SJS Enterprises will make their stock market debut on the bourses on Monday, 15 November 2021.
Nifty’s technical view: Analysts say that Nifty on the weekly chart formed a small positive candle with long lower shadow. The upmove as per weekly timeframe chart has occurred from near the crucial 20week EMA around 17700 levels last week. This moving average has been offering support for the market since past few months, said an analyst. “Friday’s sharp upmove seems to have nullified the short term negative pattern on the daily chart. Further upmove from here could be considered as an upside breakout of an important resistance and that could pull Nifty towards 18350 levels in the short term. Immediate support is placed at 18000 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
FPIs net sellers so far in Nov: Foreign portfolio investors (FPIs) were net sellers in the Indian markets to the tune of Rs 949 crore in the first half of November. As per the depositories data, they pulled out Rs 4,694 crore from equities between November 1-12. At the same time, they pumped Rs 3,745 crore in the debt segment. This translated into total net withdrawal of Rs 949 crore. In October, FPIs remained net sellers at Rs 12,437 crore.