Stock Market Outlook: Talking about last week, there was a great rally in the stock market. The market remained unilateral for the entire week, while there was no trigger for the market domestically. The entire rally was based on the US election. Historical elections were seen in the US market, which had an impact on the worldwide markets. Although the market reaction may look different in the future or in the coming days, it can be said clearly that the market has completely reduced the complexity of the US election, making the outlook stronger for the future.
Market can create a new record
Despite some challenging times, we estimate that the market may start this week with the support of 11600 -11500. The market not only defended this level but is also in such a condition from which it can again move towards its record high. Technically, we are seeing a ‘breakaway gap’ as well as a ‘bullish flag’ breakout on the daily chart. It is considered a strong development and hence the market may soon surpass the previous record high. Talking further, the level of 12430.50 will be very important for the market. If this level breaks from the market, which can show the level of Nifty 12700.
All sectors contribute to the rally
Last week’s market rally can also be called healthy because every sector’s contribution was seen in it. Most sectors including banks, financial, metal, IT were up. Even the broadband market has been booming. The long-awaited breakout in the midcap index has already taken place. This usually happens when the market feels that uncertainty has been left behind and some strong rally is going to happen next. It seems that there will be some positive movements in the stock market in the coming days.
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