Market View: 23-27 NOV 2015

Filed in Market Update by on November 23, 2015
Week Market View: 23-27 NOV 2015
Market This Week Last week came as a good surprise to the entire stock market community where the NIFTY showed a bullish trend and gave a closing of 7756.55 registering a gain of 1.21% over previous week. This was despite the Paris terror attacks, weakening currency and also the collapse in commodities. Excellent! However it is still below our support of 7800 which is not a very good sign. This week would mark the November derivative expiry. We expect a few upward moves on account of short covering. This could take NIFTY to test 7900-8000. On the lower side it could touch 7655 which is acting as a good support in the current consolidation phase. There is a good buying interest being shown at lower levels and hence we do not expect NIFTY to tank below 7655. A good case right now for the NIFTY is to trade between 7700-8100 range. We need to be cautious and less aggressive in the markets in the short-term. The current time correction will pay-off in the times to come as the NIFTY chart is showing a good preparation being done for the next rally which may start anytime. All the best!

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