New Delhi, November 10 (IANS). The outlook of the Indian stock market will depend on domestic inflation and industrial production data coming next week, economic data from America and China and FII activities.
Last week there was a big fall in the Indian stock market. Nifty fell 0.64 percent or 156 points to 24,248 and Sensex fell 0.30 percent or 237 points to 79,486.
The decline in the Indian stock market is believed to be due to weak second quarter results, strengthening of the dollar and continuous selling in the market by FIIs. At the same time, after the US presidential elections, Nifty IT index has increased by 4 percent and Nifty Realty index has slipped by 4 percent.
In the trading session from November 4 to November 8, shares worth Rs 19,638.24 crore were sold by foreign institutional investors (FIIs) and shares worth Rs 14,391 crore were bought by domestic institutional investors (DIIs).
Santosh Meena, Head of Research, Swastika Investmart, says that the performance of US bond yield and dollar index will be very important in the coming time, as both have seen a rise with the results of the US elections. Besides, investors will also keep an eye on the activities of FIIs in the coming week.
Meena further said that Nifty is facing difficulty in crossing the 20-day moving average of 24,500. If it sustains beyond this level then a short covering may be seen. Resistance at higher levels is around 24,700 and 25,000. On the downside, support is near 24,075, 23,800 and 23,500.
Palaka Arora Chopra said that Bank Nifty is in the range of 50,500 -52600. In this range of two thousand points, the buying level is around 50,500 and the selling level is around 52,500. The market expects it to slip depending on the situation. On the downside, Bank Nifty’s support is around 51,800 and 51,300. If it is unable to hold these levels then levels of 50,800 can be seen.
–IANS
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