The Nifty has been continuously moving higher almost for four weeks after finding support at the 50-day SMA. The Nifty also remains above the 20 day SMA. Wednesday’s correction was the first major correction seen in the last 4 weeks. The Nifty has in fact made an engulfing line Bearish candlestick pattern.
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Nifty fell below 12,850 on Thursday morning as stock markets danced between gains and losses. Sensex fell over 100 points.
“After a long time traders were struck by nervousness yesterday when the Nifty broke down over 200 points from the high. The support of 12800 has still not been violated and hence traders can continue holding their positions with a trailing stop loss. If we break 12800, we could drop further to 12500. If we resume the existing uptrend from the current level, we can head to 13200,”said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Sensex gave up gains to trade flat soon after the opening bell. Nifty 50 was below the 12,900 levels.
Nifty was breached 12,900 again while Sensex regained the 44,000 mark on opening bell today. Broader markets were mirroring the upward march. BSE Smallcap was outperforming the benchmark.
Sensex gained 139 points and the 50-stock NSE Nifty crosses the 12,900 levels once again on Thursday morning.
Sensex and Nifty were seen moving between gains and losses during the pre-open session on Thursday.
Sensex fell during Thursday pre-open session after gaining initially. Nifty was below 12,850.
S&P BSE Sensex jumped to cross 44,000 points while the 50-stock NSE Nifty zoomed to breach 12,900 levels during Thursday’s pre-open session.
“Going ahead, the overall structure of the market remains positive given the optimism over vaccine progress and Joe Biden transition as White House President. However intermittent profit booking cannot be ruled out given the sharp rally in near term. Technically, Nifty has to hold above 12850 to witness a bounce towards 13000-13050 levels while a hold below the same could see weakness towards 12750. Globally, investors would watch out for developments over stimulus announcement from the new US government. On the domestic side, market would look for cues from the monthly F&O expiry and the rollover data especially on FII position,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
For the November series, maximum Put OI is placed at 12,800 strike with 39.41 lakh contracts, followed by 32.72 lakh contracts at 12,500 strike.
Today is the expiry for the November series contracts. Maximum Call Open Interest is placed at 13,500 strike with 48.98 lakh contracts. This is followed by 43.80 lakh contacts at 13,000 strike.
With domestic markets at their all-time high levels, investors turned to book profits which resulted in the sharp sell-off in domestic equity markets yesterday. Technical analysts say that immediate support is at 12,800 levels for Nifty. If the index managed to stay above the same, it could start gaining again, however, a fall below these levels could signal a trend reversal. “The Nifty sustaining at the immediate support at 12800 levels in the next 1-2 sessions could open chances of upside bounce in the market and also more upside in the near term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
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With the Centre making progress in the process of privatisation of fuel retailer-cum-refiner BPCL, the petroleum ministry will soon seek Cabinet nod for a process to transfer subsidised LPG customers from the company to other state-run retailers Indian Oil and Hindustan Petroleum Corporation to remove a potential irritant for the buyer. The transfer process will be completed in 3-5 years. State-run fuel retailers often do not receive subsidies on time, many a time, the release of subsidy is delayed for years. After the decontrol of prices of auto fuels, the subsidies are now on account of cooking gas, kerosene and LPG connection to the poor under the Ujjwala Yojana.
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Foreign portfolio investors have bought equities worth a record $8 billion in November so far encouraged by improving macro-economic data and good corporate results for the September quarter. With this the total investment in 2020 so far is nudging $15 billion,on the back of $14.23 billion in 2019.
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In the last seven trading sessions Lakshmi Vilas Bank shares have tanked 50%. However, yesterday when Sensex and Nifty tumbled, shares of the soon to be extinct bank jumped nearly 5%.
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The moratorium on Lakshmi Vilas Bank will be withdrawn on 27 November 2020 as the government today sanctioned the scheme for the amalgamation of the Lakshmi Vilas Bank with DBS Bank India Ltd. All the branches of the Lakshmi Vilas Bank will function as branches of DBS Bank India with effect from this date, RBI said. Customers, including depositors of the Lakshmi Vilas Bank, will be able to operate their accounts as customers of DBS Bank with effect from 27 November. The Reserve Bank further said that DBS Bank is making necessary arrangements to ensure that smooth service is provided to the customers of the Lakshmi Vilas Bank.
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