Please refer our Market Update dt.06.10.18, in which I mentioned about the Nifty trend and as expected & written, the Nifty Index hasn't violated the 10K mark, it made a low point at 10004.55 on 26^th Oct’18. Thereafter, the counter rally started and travelled 8 trading sessions till 09^th Nov’18, the Nifty Index almost rallied 6% and made a high point at 10619.55. Though the Nifty Index is trying to surpass and close above 10600 for the last 5 sessions, but unable to do so due to lack of volume and confidence.

I advised the Investor/trader to invest at the 10k mark for 10% to 20% return in top Nifty 100 stocks, almost all the top 100 stocks in Nifty reached 10%-30% return, except very few stocks.

Now, the question in everyone’s mind is the Nifty Index will break 10700-10800 levels and continue the run till 11k mark or will re-test 10k mark once again?

USD vs INR If moves down below $70 and Crude oil price if trades below $58-56 along with positive global cues may lift the Nifty Index above 10700-10800 levels else, if the Crude oil bounce back from $58 level may impact the Nifty Index uptrend move.

The Indian Inc. Q2 results are not that much encouraging, as on date 1335 companies were declared their quarterly results, but the Net profit raised only 4.63% on Quarter-to-Quarter basis.

We expect the Nifty to consolidate between 10700-10400 any weakness below 10400 then, 10k mark may support Nifty Index. Likewise, above 10700 should be surpassed and close above 10710 level and trade above these level then 10880-11090 levels are possible.

Hence, we advise the traders/investors to trade with caution and those who invested for the short term perspective may book profits in the stocks bought at 10k mark.