27.11.2015 Friday closing Note

Written Date :- 27.11.2015 Friday Closing Note 16:00  to 16:10  IST

Nifty50 opened in gape up at 7910. Nifty50 Morning session move was fueled by political news flow- that is PM has called meeting with congress leader for passing of GST. Thereafter, news flow on Chinese currency front .made market nervous and after touching 7950, Nifty50 slipped below 7900 and then again surged above 7950 and after making day's high at 7959, finally closed at 7942. INDIA VIX was also flip-flopped from RED to GREEN to RED and finally closed in Green. Similarly, NSE ADR also opened at more than 1, then slipped below 1 and finally closed marginally above 1. Both  together indicates  Neutral view for NIFTY for opening on MONDAY.

USD INR December future made high at 67.02, and at the time of writing this post it is trading above 67. This USD strength was helpful for IT major TCS and INFY to recover from its day's low. From today's movement it seems that. in Monday's session- INFY will test its 200 day SMA of 1072 and most probably will close above it. If that will happen INFY will be eligible for medium term buy for target of 1100. However, one should not get excited and have a patience. Welspun Corp maintained its gap up opening level of 100+. Stock made a high of 110 above its 50 DAY SMA of 107.70, but slipped back thereafter and finally closed at 108.25 on NSE. After 2 day's run RCOM consolidated in today's trade and closed at 0.3% down on NSE.  Bosch opened in a upward gape and after testing its immediate resistance of 19000, slip back to 18800 level and throughout session hovered around it, finally closed 2.5% higher at 18900. For breaking out of its current trading range of 17000-19000, stock needs to give decisive close above 19000 with volume. As indicated in morning note, Pharma stocks were quite in today's trade. Reliance Industry also witnessed some profit booking after its one sided move from 910 to 990. stock finally closed at 0.9% down at 979 level. Banking stocks and Bank nifty were star performer of the day. Bank Nifty finally closed at 1.9% higher. Metal stock also witnessed some buying and metal Index were closed 1.2%. Needless to repeat that with 10% gain Welspun Corporation was leading the Index, followed by Jindal SHOW which gained 5%. Hindalco gained 3.5% and closed at 77.75.

After week-end, Monday Morning session will be guided by POLITICAL development on GST and Global cues.


All the Best . Happy Week-end

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