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It has been a fantastic week as the Nifty not only breached the crucial 200-DEMA but also held onto it. However, the NSE benchmark has now retraced 50% of the 1,700-point correction from its all-time high of 11,760 to 10,004-levels. This indicates that some profit-booking cannot be ruled out in the near-term. Nifty has also filled the gap of 10,843, which was created on October 4, 2018. Hence, it is advisable to stick to large-caps and quality mid-caps at present.
Bank Nifty, on the other hand, too had a strong up move throughout the week. However, it has now reached the rising trendline zone of 27,100-levels, which is proving to be an important resistance for the Bank Nifty. On the downside, 26,550 is the important support zone for the index.
The next week promises to be full of action as all eyes will be on the two-day G20 summit, while the monthly auto sale numbers and PMI readings will also keep traders on the edge. In addition, the RBI policy meet, which is scheduled on Dec. 6, will also be closely watched.
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