Indian benchmark indices, Nifty and BSE Sensex, ended the week with losses of around 0.9%, mainly due to selling in IT and consumer stocks. When trading resumes on Monday after the holiday break, several important domestic and global events could influence market movement.
On Friday, the Nifty slipped 17.40 points (0.07%) to close at 25,492.30.
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty is currently trading below its 50-day EMA, showing near-term weakness. The index has been falling since forming a double top near 26,100 on the hourly chart.
He added that Nifty recently broke below a key moving average, indicating a deeper bearish trend. Resistance is around 25,600, and as long as the index stays below this level, traders may prefer a sell-on-rise approach. On the downside, support is seen near 25,400, and a fall below it could strengthen bearish sentiment.
Major Triggers for the Week Ahead
1. Quarterly Earnings in Focus
The earnings season enters its final phase, with over 2,500 BSE-listed companies set to release results.
In the Nifty pack, major companies reporting include Bajaj Finance, Bajaj Finserv, Tata Steel, and Eicher Motors.
Among non-Nifty firms, results are expected from Vodafone Idea, Fortis Healthcare, Hero MotoCorp, Reliance Infrastructure, RVNL, Tata Power, Cochin Shipyard, Mamaearth, IRCTC, Nazara Technologies, SpiceJet, FirstCry, and Asian Paints.
2. Cues from Global Markets
US indices closed mixed on Friday. The Nasdaq Composite fell 0.22% to 23,004.50, logging its worst weekly drop since April amid concerns over the AI rally. The Dow Jones rose 0.16% to 46,987.10, while the S&P 500 added 0.13% to 6,728.80.
Indian markets are expected to take cues from these global movements.
3. IPO Buzz Continues
The primary market remains active with four new IPOs — PhysicsWallah, Tenneco Clean Air India, Emmvee Photovoltaic Power, and Fujiyama Power Systems — opening this week.
Bidding for Pine Labs will close on Tuesday.
In the SME segment, IPOs of Workmates Core2Cloud and Mahamaya Lifesciences open this week, while Finbud Financial Services, Shining Tools, and Curis Lifesciences will close.
Shares of Lenskart Solutions will list on Monday, and Groww’s parent company, Billionbrains Garage Ventures, is likely to debut on Wednesday, November 12.
4. Corporate Announcements and Actions
Over 60 companies have key corporate actions this week, including dividends, bonuses, buybacks, and stock splits.
* Infosys will be in focus ahead of its November 14 share buyback record date.
* Websol Energy System (1:10 stock split) and SMC Global Securities (1:1 bonus) also have record dates on the same day.
* GRSE and Nuvama Wealth Management have November 11 as the record date for interim dividends.
* Allcargo Logistics will see its spin-off record date on November 12.
5. Institutional Investment Trends
Foreign Institutional Investors (FIIs) were net sellers of Indian equities worth Rs 401 crore last week, though Friday saw strong buying worth Rs 4,581 crore.
Domestic Institutional Investors (DIIs) were net buyers of about Rs 6,675 crore during the same period.
6. Chart Indicators and Technical Outlook
As per Nilesh Jain, Head of Technical and Derivatives Research at Centrum Broking, Nifty has been forming lower highs and lower lows since hitting a double top near 26,100.
The index has already tested the 50% retracement level at 25,350, with the next support at 25,160 (the 61.8% Fibonacci level). Momentum indicators suggest short-term weakness, but the weekly trend still remains positive.
He believes that as long as Nifty holds above 25,160, traders can look for buying opportunities on dips. A breakout above 25,700 could confirm a move toward 26,000.
7. Rupee Performance Against the Dollar
The Indian rupee slipped slightly on Friday but stayed above its record low, ending at Rs 88.66 per US dollar compared to Rs 88.61 in the previous session. On a weekly basis, it gained 0.1%.
The RBI’s interventions helped prevent a sharper fall despite dollar demand from importers and equity outflows. Analysts at Goldman Sachs noted that ongoing US-India trade uncertainties could keep the rupee under pressure. The RBI is also expected to rebuild its forex reserves whenever the rupee strengthens.
