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The time is ripe for accumulating value and quality stocks. Wariness is likely to subsist as FII buying is yet not tenacious. Moreover, the contraction of PMI (Purchasing Manager's Index) number for China, falling of Yuan against the US dollar and lengthening of trade war is creepy.
Hence, we expect in the next couple of weeks, the global and domestic market to remain uncertain. We plug in pharma and corporate banking sectors where one can start accumulating.
Dalal Street celebrated the pre-Diwali rally amid weakening crude oil prices and strengthening rupee. Bulls defended the previous swing low and strong support of 9,951 to reclaim the lost ground and Nifty closed with the weekly gain of 5.2 percent at 10,553.
The market is likely to trade in 10,755-10,350 range in the truncated week. Put writing in 10,600 strike price with 5.5 lakh of change in open interest and call unwinding in 10,600 strike price of 3.7 lakh contract suggests optimism of bulls and mild accumulation.
Call writing has shifted towards 10,900 strike price suggesting resistance is shifting upwards. For medium term, 10,000-9,950 is still a major support with more than 51 lakh contract of cumulative open interest.
A gap exists on the technical chart at 10,750-10,850 level suggesting bulls might try to approach these level. However, cautious approach is required at higher levels as any reversal after approaching 200 DMA (10,765) and filling the gap will be sharp.
Being the 38.2 percent retracement of previous week range, 10,350 will act as a support for this week. VIX ended lower by 5 percent at 18.83 indicating lower volatility as compared to previous few sessions.
Key events to watch for in the week - the Nikkei Services PMI data, bank loan and deposit growth for India, crude oil inventory after the US sanctions on Iran.
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