Nifty likely to touch 10,410-10,225 zone; 3 small-cap stocks for medium term

Initial euphoria fizzled out in last two trading sessions as Nifty faced heavy supply at 200-day moving average. Bears once again took the charge and Nifty closed at 10,526.75 with a weekly loss of 1.5 percent. Metal and technology stocks were under pressure which acted as a major component of fall.

Option chain is indicating that Nifty is likely to trade with negative bias in the coming week as Put writers at almost every strike price are covering their short positions. 10,500 put option lost 1.34 lakh contracts on Thursday and the unwinding was also seen at 10,600 strike price of 7.33 lakh contracts.

On the Call side, 10,500, 10,600 and 10,700 strike prices witnessed a substantial amount of fresh writing. The data suggest bulls look tired for the time being and support is getting weaker.

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Source:https://www.moneycontrol.com/news/business/markets/nifty-likely-to-touch-10410-10225-zone-3-small-cap-stocks-for-medium-term-3216641.html

Sensex trades flat, around 35,000; Nifty well below 10,550

Indian indices started the week on the higher note with Nifty is trading above 10,500 level.

HPCL, IOC, Bharti Airtel, Indiabulls Housing, Axis Bank, Maruti Suzuki, Zee Entertainment, IndusInd Bank are the major gainers on the indices.

Infosys, Tech Mahindra, Kotak Mahindra, Adani Ports are the losers.

Rupee Opens: The Indian rupee gained in the early trade on Monday. It opened higher by 21 paise at 70.46 per dollar versus 70.67 Thursday.


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Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-sensex-trades-flat-around-35000-nifty-well-below-10550-3217731.html

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Government does not need RBI funds yet, says Finance Minister Arun Jaitley

India does not need money from the Reserve Bank of India (RBI) in the next six months, the finance minister said in a TV interview telecast on November 23, rejecting opposition charges the government was seeking access to the bank's reserves to fund schemes ahead of the 2019 general election.

"I don't need money in the next six months," Finance Minister Arun Jaitley told a news channel.

Critics accuse the government of trying to undermine the central bank's authority, but Jaitley said his government respected the institution's independence.

"We respect the autonomy (of the RBI) but, at the same time, if some sectors are starved of liquidity or credit, we will flag those issues. We do so with the RBI."

The Congress, India's main opposition party, has accused Prime Minister Narendra Modi's government of eyeing the cash reserves held by the RBI.

"Government is determined to 'capture' RBI in order to gain control over the reserves," P. Chidambaram, a former finance minister and a top Congress leader tweeted last week.

New Delhi has been pushing for access to RBI's surplus reserves prompting the central bank's board to form an expert panel to look into whether its cash pool is adequate.

The board whose members include government nominees, in a meeting last week, advised the RBI to aid small businesses and give bankers more time to step up capital norms to encourage lending and stimulate the economy ahead of next year's election.

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Source: https://www.moneycontrol.com/news/business/government-does-not-need-rbi-funds-yet-says-finance-minister-arun-jaitley-3215441.html

A breach of 10,239 levels on downside may take Nifty to sub-10,000 next week

Once a breach of 10,239 on the weekly closing basis happens we will be comfortable to project a downside target somewhere between 9,900 – 9,700 where Nifty should bottom out, Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in, said in an interview with Moneycontrol’s Kshitij Anand.

Q) We saw a roller coaster ride for Indian markets this week. The index which reclaims 200-DMA came under selling pressure after reclaiming 10700. What is the sense you are getting?

Yes, as you rightly said, that Nifty50 faltered around its 200-day moving average (DMA) after entering into the bearish gap zone of 10,754-10,843 levels registered on 4th of October.

At this juncture what we need to understand is about the direction of larger trends which appears to have decisively tilted in favour of bears at least from August 2018 from the absolute highs of 11,760 levels (record high).

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If BJP crosses halfway mark on its own in 2019, Sensex could reach about 47,000: Karvy

Indian market which is weighed down by both global, as well as domestic headwinds, is looking at the outcome of state elections as well as general elections which could act as a big trigger for D-Street, Karvy Stock Broking said in a report.

State polls will be watched as a barometer of what lies ahead, but general elections matter more. Though it is early days, opinion polls indicate that NDA (led by BJP) is likely to regain power, with a reduced number of seats, this scenario would be welcomed by markets, said the report.

Karvy forecast Sensex to reach 45,000, or 14,000 for Nifty by the end of 2019. If the BJP crosses the halfway mark on its own, Sensex could reach about 47,000.

On the other hand, a loss for the NDA and formation of a coalition government which the market reads to be unstable could lead the Sensex to decline to 30,000, and for Nifty it will be around 9,000 in the immediate aftermath of the elections.

The domestic brokerage firm favours a cyclical stance in their portfolio and favour automotive, capital goods and financial services, along with IT and Healthcare.

Looking at the recent turmoil in financial markets, it is easy to be pessimistic. The macro outlook for India has certainly deteriorated somewhat compared to six months back; however, the outlook remains strong and gives us reason for optimism.

With the election season kicking off with a poll in Chhattisgarh, politics will take centerstage for Indian asset markets for a couple of quarters, investors will be keenly watching these elections as they are close to the general elections and possibly could provide a clue to the mood of the country.

Polls in Chhattisgarh is already over. Polling in Madhya Pradesh and Mizoram will be held on November 28, while Rajasthan and Telangana will vote on December 7.

Two major national parties, the BJP, and the Congress will face head-on in Madhya Pradesh (230 seats), Rajasthan (200 seats) and Chhattisgarh (90 seats), where BJP is already in power, while in Telangana (119 seats) the ruling TRS, a regional party is seeking a second term.

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Source:https://www.moneycontrol.com/news/business/markets/if-bjp-crosses-halfway-mark-on-its-own-sensex-could-reach-about-47000-karvy-3208441.html