Markets attempted to rebound on Monday after Bank Nifty whipsawed its 200 DMA and ended higher 2% with the support of another beaten-down sector like Metals and Auto with Nifty closing with 1% gains. With gains in Metals & Banking, the Nifty Non-Financial Index was back above the support line which earlier predicted the downside potential of 28% in a quick span of time. The markets are still not out of the woods yet as rising wedges are bearish setup and with Dow Jones index also indicating 15% fall in the near term, we can expect a current rebound to remain unsustainable. We expect the market to come under stress below 17033 and an up move in JPYINR above 66.60 should be seen as an early hint before a major collapse in the Nifty Index.
Dow finishes 450 points lower in major reversal triggered by the first U.S. omicron case. Stocks in Asia-Pacific fell in Thursday morning trade, as concerns over the economic impact of the omicron Covid variant continues to weigh on investor sentiment.
Key news
- Eicher Motors -Nov. motorcycle sales -19% y/y to 51,654 units
- Mahindra Logistics -Pact with Logos to develop 1.4m sq. ft. multi client warehouses in NCR
- Maruti Suzuki -Total vehicle production in Nov. fall 3.1% y/y
- NMDC -Nov. production 3.34m tons vs. 3.32m y/y; sales -13% y/y to 2.88m tons
- Raymond Says unit JK Files & Engineering approved IPO via offer-for-sale; no plan to sell fresh shares
- Reliance Power Default on loan repayments due Oct. 31
- Tata Power Gets solar, battery storage project worth INR9.45b
- India Nov. Goods Trade Deficit Widens Y/y to $23.3B: Prelim Data
- Nov. Exports rose 26.49% y/y to $29.9b
- Nov. Imports rose 57.2% y/y to $53.2b
- India Oct. Services Exports at $19.8B; Imports at $11.6b: RBI
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