Nifty Weekly Outlook for Week Starting 29 October Part I

Equity markets had a tranquil week as Nifty continue to move in sideways mode,ended the week on a flat note.October  Derivative expiry also was unable to move market out of its slumber state and November Expiry started on profit booking mode but Nifty continue to trade in range of 5635-5725. Next Week Key events are lined up which can help Nifty is giving either a breakout or Breakdown. Earning season is going OK and providing lots of Trading opportunities.
Sunday: Possible reshuffle in cabinet; JSW Steel (JSTL.NS) earnings
Monday: BHEL (BHEL.NS) earnings, RBI macro-economic report on the economy (1700 IST)
Tuesday: Key earnings: Maruti Suzuki India (MRTI.NS), Glenmark Pharma (GLEN.NS), Dr. Reddy's Laboratories (REDY.NS), Biocon (BION.NS); RBI policy decision (1100 IST)
Wednesday: Fiscal deficit data, infrastructure output data
Thursday: HSBC manufacturing PMI for October (1030 IST)
Friday: Wipro (WIPR.NS) earnings; bank credit and forex reserves data

 Nifty Hourly Chart

Nifty Hourly charts are trading in a range 5722-5651 and have reached the oversold range with positive divergence seen on Hourly time range. If 5635 is not broken on Monday another leg up till 50 Hour SMA ..


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