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Home / News / Business News / Trade outlook for muhurat: How Nifty50 will move on Diwali
Business

Trade outlook for muhurat: How Nifty50 will move on Diwali

Trade outlook for muhurat: How Nifty50 will move on Diwali
Written by Gogona Saikia
Oct 19, 2017, 01:19 pm 2 min read
Trade outlook for muhurat: How Nifty50 will move on Diwali

Minor cracks appeared in trade on Wednesday, practically the last trading day of the week; there's just a one-hour muhurat session on Thursday (Diwali) and Friday is a trading holiday. The benchmark Nifty50 ended Wednesday with a minor loss of 23.60 points, or 0.23%. The index recovered from the day's lows. However, some long unwinding remained visible.

Diwali
Market might return to a broad trading range

Sessions like today typically see rangebound trade and market heads nowhere. There's no major headway on either side of the indices. There are high chances the market will fall back to a broad trading range which it has seen in the last few days. The 10,250 level will keep acting as immediate resistance for Nifty50; supports will come in at 10,180 and 10,160 levels.

Data
Corrective tone to persist from next week

From Monday, analysts expect the corrective tone to persist. The 10,250 level is likely to continue acting as immediate resistance. No sustainable upward move is expected to occur until the Nifty50 moves beyond this. Pullbacks may be seen in stocks like ZEEL and Axis Bank.

Factors
The market has remained resilient despite disruptions

The market has remained resilient despite a number of disruptions: in India, effects of the introduction of the new Goods and Services Tax and demonetization are still being felt. There has been a noticeable absence of investment by FIIs, who withdrew $4bn since August. Elsewhere, Donald Trump's surprise victory in the US elections, US-North Korea tensions and monetary policies of various countries hit markets.

Bets
The top technical picks for muhurat trading

Moneycontrol has listed the top stocks expected to give up to 40% returns. One is SBI, which has drastically underperformed in the recent past but stocks are taking support at 38.20% retracement level. Similar predictions have been made for LIC Housing Finance, Century Plyboards, Berger Paints, Arvind, Parag Milk Foods, Just Dial, Reliance Industrial Infra and Divi's Laboratories.

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“I may be on the side of the angels, but don’t think for one second that I am one of them.” Delhi University. Freethinker. “Social justice warrior”.
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