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Weekly Market Review
Outlook Of The Week | December 24

The Indian market extended the gain on Monday on the back of report that the India’s export grew by 0.80% to $26.5 billion in the month of November. The major indices continued the smart recovery on Tuesday to end the session in green on account of value buying. Jubilation continued for the seventh continuous session on Wednesday, on Minister of commerce and Industry, Suresh Prabhu’s statement that “India will be 5 trillion dollar economy in coming 7-8 years and already have completed the road map for it”. The continued decline in crude oil process and appreciation in value of rupee also contributed to the positive sentiment. In addition, the government’s proposal to infuse additional capital in PSU Banks, provide enhanced liquidity in the system and GST council’s proposal to reduce the GST rate on selected item including Cement also contributed to the positivity. The market remained lackluster on Thursday, amid weak global cues and continuous selling by the traders on FOMC raising the Fed Rate by 25bps. On last trading day, the market remained under pressure throughout the session and ended the week with intraday heavy losses of around 2%, triggered by a sell-off in global equities amid rising concern over global economic growth for next year.     

The Sensex and Nifty closed the week with loss of 221 points (0.6%) and 51 points (0.5%) respectively;

FIIs were the net buyer whereas. DIIs were net seller during the week.

Sector Wise Movement

BSE PSU (up by 199 points or 2.9%) and BSE Utilities (up by 41 points or 2.2%) were the top gainers on the BSE sectoral front, whereas, BSE IT (down by 769 points or 5.2%).

The Coming week is going to be holiday truncated week on the account of Christmas. The market participants will be tracking the movement in Rupee, outcome of GST Council meeting, Global cues and FIIs investment flows. 

The market is expected to consolidate. Traders are, therefore, advised to invest in fundamentally good companies on decline.  

Nifty displayed negativity and closed losing 51 points this week. It opened and made a high of 10985, low of 10734 and closed at 10754.

An engulfing candlestick on daily charts near resistance suggests more negativity for the coming week as also in the short term. Nifty confirms its downtrend but has not broken all major supports. On a downward journey, it can witness level of 10580.

Current open interest for the month of December, 2018 suggests a range of 10850 and 10580 for Nifty.

Traders are advised to accumulate fundamentally strong stocks at support levels.

 
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ABOUT THE BLOGGERS
Mr. Animesh YadavFundamental & Derivatives Analyst

Animesh has spent 3 years covering Indian derivative market with Moneysukh (Derivative Analyst) and Global OTC derivative market with CRISIL GR&A (Research Analyst). Since, June 2018 Animesh led Fundamental and Derivative Research Desk at Satco cove..

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